<SEC-DOCUMENT>0001176256-21-000220.txt : 20210809
<SEC-HEADER>0001176256-21-000220.hdr.sgml : 20210809
<ACCEPTANCE-DATETIME>20210806200619
ACCESSION NUMBER:		0001176256-21-000220
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20210630
FILED AS OF DATE:		20210809
DATE AS OF CHANGE:		20210806

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SILVERCORP METALS INC
		CENTRAL INDEX KEY:			0001340677
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34184
		FILM NUMBER:		211154327

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1378
		STREET 2:		200 GRANVILLE STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 1S4
		BUSINESS PHONE:		604-669-9397

	MAIL ADDRESS:	
		STREET 1:		SUITE 1378
		STREET 2:		200 GRANVILLE STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 1S4
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>silvercorp6kq1fs.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER FOR AUGUST 5, 2021
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   <TITLE>Filed by e3 Filing, Computershare 1-800-973-3274 - SILVERCORP METALS INC. - Form 6-K</TITLE>
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  <p style="TEXT-ALIGN: center"><font size="4"><strong>UNITED STATES</strong></font><br>
    <font size="4"><strong>SECURITIES AND EXCHANGE COMMISSION</strong></font><br>
    <b>Washington, D.C. 20549</b></p>
  <P style="TEXT-ALIGN: center"><B><FONT size=5>FORM 6-K</FONT></B></P>
  <P style="TEXT-ALIGN: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>
  <P style="TEXT-ALIGN: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16 OF<BR>
    THE SECURITIES EXCHANGE ACT OF 1934</B></P>
  <P style="TEXT-ALIGN: center">August 5, 2021</P>
  <P style="TEXT-ALIGN: center">Commission File No. 0001-34184</P>
  <P style="TEXT-ALIGN: center"><B><U><FONT size=6>SILVERCORP METALS INC.<BR>
    </FONT></U></B>(Translation of registrant&#8217;s name into English)</P>
  <P style="TEXT-ALIGN: center"><B>Suite 1750 - 1066 West Hastings Street <BR>
    </B><B><U>Vancouver, BC Canada V6E 3X1<BR>
    </U></B>(Address of principal executive office)</P>
  <P style="TEXT-ALIGN: center">[Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F]</P>
  <P style="TEXT-ALIGN: center">Form 20-F [&nbsp;&nbsp; ] Form 40-F [ X ]</P>
  <P style="TEXT-ALIGN: center">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1) [&nbsp;&nbsp; ]</P>
  <P style="TEXT-ALIGN: center"><B>Note: </B>Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</P>
  <P style="TEXT-ALIGN: center">Indicate by check mark if the registrant is &#8220;submitting&#8221; the Form 6-K in paper as permitted by Regulation S-T &#8220;Rule&#8221; 101(b)(7) [&nbsp;&nbsp; ]</P>
  <P style="TEXT-ALIGN: center"><B>Note: </B>Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's &#8220;home country&#8221;), or under the rules of the home country exchange on which the registrant&#8217;s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant&#8217;s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.</P>
  <P style="TEXT-ALIGN: justify"><B>SIGNATURE</B></P>
  <P style="TEXT-ALIGN: justify">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>
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        <TD width="50%" noWrap align=left>Dated: August 5, 2021</TD>
        <TD width="50%" noWrap align=left><B>SILVERCORP METALS INC.</B></TD>
      </TR>
	        <TR vAlign=bottom>
        <TD width="50%" noWrap align=left><br></TD>
        <TD width="50%" noWrap align=left><br></TD>
      </TR>
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        <TD width="50%" noWrap align=left>&nbsp;</TD>
        <TD width="50%" noWrap align=left><P style="MARGIN-LEFT: 4%"><U>/s/ Derek Liu</U></P></TD>
      </TR>
      <TR vAlign=bottom>
        <TD width="50%" noWrap align=left>&nbsp;</TD>
        <TD width="50%" noWrap align=left><P style="MARGIN-LEFT: 4%">Derek Liu</P></TD>
      </TR>
      <TR vAlign=bottom>
        <TD width="50%" noWrap align=left>&nbsp;</TD>
        <TD width="50%" noWrap align=left><P style="MARGIN-LEFT: 4%">Chief Financial Officer</P></TD>
      </TR>
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  <P style="TEXT-ALIGN: center">1</P>
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  <P style="TEXT-ALIGN: center">EXHIBIT INDEX</P>

  <P style="TEXT-ALIGN: left">EXHIBITS 99.4, 99.5, AND 99.6 INCLUDED WITH THIS REPORT ARE HEREBY INCORPORATED BY REFERENCE AS EXHIBITS TO THE REGISTRANT'S REGISTRATION STATEMENT ON FORM F-10 (FILE NO. 333-249939), AS AMENDED AND SUPPLEMENTED, AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS SUBMITTED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.</a>
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        <TD width="4%" noWrap align=left><U>EXHIBIT</U></TD>
        <TD width="96%" noWrap align=center><U>DESCRIPTION OF EXHIBIT</U></TD>
      </TR>
    </TABLE>
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  <P style="MARGIN: 0px">&nbsp;</P>
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        <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap valign=top align=left><A href="exhibit99-1.htm">99.1</A></TD>
        <TD style="BACKGROUND-COLOR: #ececec" width="96%" align=left><A href="exhibit99-1.htm">News Release - (August 5, 2021) Silvercorp Reports Adjusted Net Income of $15.8 Million, $0.09 per Share, and Cash Flow from Operations of $36.5 Million for Q1 Fiscal 2022</A></TD>
      </TR>
      <TR vAlign=bottom>
        <TD width="4%" noWrap valign=top align=left><A href="exhibit99-2.htm">99.2</a></TD>
        <TD width="96%" align=left><A href="exhibit99-2.htm">Form 52-109F2 Certificate of Interim Filings - full certificate - CFO</a></TD>
		      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap valign=top align=left><A href="exhibit99-3.htm">99.3</A></TD>
        <TD style="BACKGROUND-COLOR: #ececec" width="96%" align=left><A href="exhibit99-3.htm">Form 52-109F2 Certificate of Interim Filings - full certificate - CEO</A></TD>
      </TR>
      <TR vAlign=bottom>
        <TD width="4%" noWrap valign=top align=left><A href="exhibit99-4.htm">99.4</a></TD>
        <TD width="96%" align=left><A href="exhibit99-4.htm">Silvercorp Metals Inc. Financial Statements for the three months ended June 30, 2021</TD>
		      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap valign=top align=left><A href="exhibit99-5.htm">99.5</A></TD>
        <TD style="BACKGROUND-COLOR: #ececec" width="96%" align=left><A href="exhibit99-5.htm">Silvercorp Metals Inc. MD&A for the three months ended June 30, 2021</A></TD>
      </TR>
      <TR vAlign=bottom>
        <TD width="4%" noWrap valign=top align=left><A href="exhibit99-6.htm">99.6</a></TD>
        <TD width="96%" align=left><A href="exhibit99-6.htm">Consent of Guoliang Ma</a></TD>
      </TR>
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  <P style="TEXT-ALIGN: center">2</P>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>NEWS RELEASE DATED AUGUST 5, 2021
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   <TITLE>Exhibit 99.1</TITLE>
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<P style="MARGIN-TOP: 0px; TEXT-ALIGN: right"><B>Exhibit 99.1</B></P>

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   <IMG border=0 src="exhibit99-1x1x1.jpg"></TD>

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   <TD width="10%" noWrap align=left><B>NEWS RELEASE</B></TD>

   <TD width="90%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B>Trading Symbol:</B></TD>

   <TD width="90%" noWrap align=left><B>TSX: SVM</B></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="90%" noWrap align=left><B>NYSE AMERICAN: SVM</B></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><B>SILVERCORP REPORTS ADJUSTED NET INCOME OF $15.8 MILLION, $0.09 PER SHARE, AND CASH FLOW FROM OPERATIONS OF $36.5 MILLION FOR Q1 FISCAL 2022</B></P>

<P style="TEXT-ALIGN: justify">VANCOUVER, British Columbia - August 5, 2021 - Silvercorp Metals Inc. (&#8220;Silvercorp&#8221; or the &#8220;Company&#8221;) (TSX/NYSE American: SVM) reported its financial and operating results for the first quarter ended June 30, 2021 (&#8220;Q1 Fiscal 2022&#8221;). All amounts are expressed in US Dollars, and figures may not add due to rounding.</P>

<P style="TEXT-ALIGN: justify"><B><U>Q1 FISCAL 2022 HIGHLIGHTS</U></B></P>

<UL>

<LI>

<P align=justify>Mined 231,235 tonnes of ore and milled 243,077 tonnes of ore, down 9% and 7% compared to the prior year quarter due primarily to slow downs during contract renewal negotiations with mining contractors, which were successfully completed as announced July 13, 2021;</P>

<LI>

<P align=justify>Sold approximately 1.6 million ounces of silver, 1,000 ounces of gold, 16.8 million pounds of lead, and 7.3 million pounds of zinc, representing decreases of 12%, 9%, and 20% in silver, gold and lead sold, and an increase of 4% in zinc sold, compared to the prior year quarter;</P>

<LI>

<P align=justify>Revenue of $58.8 million, up 26% compared to $46.7 million in the prior year quarter;</P>

<LI>

<P align=justify>Net income attributable to equity shareholders of $12.2 million, or $0.07 per share, compared to $15.5 million, or $0.09 per share in the prior year quarter;</P>

<LI>

<P align=justify>Adjusted earnings attributable to equity shareholders of $15.8 million, or $0.09 per share, compared to $9.6 million, or $0.05 per share in the prior year quarter. The adjustments were made to remove the impacts from non-recurring items, share-based compensation, foreign exchange, mark-to-market equity investments, and the share of associates&#8217; operating results.</P>

<LI>

<P align=justify>Income from mine operations in Q1 Fiscal 2022 was $25.5 million, up 32% compared to $19.3 million in prior year quarter.</P>

<LI>

<P align=justify>Cash flow from operations of $36.5 million, up 21% or $6.4 million compared to $30.1 million in the prior year quarter;</P>

<LI>

<P align=justify>Cash cost per ounce of silver, net of by-product credits, of negative $1.43 compared to negative $1.48 in the prior year quarter;</P>

<LI>

<P align=justify>All-in sustaining cost per ounce of silver, net of by-product credits, of $7.46, compared to $5.61 in the prior year quarter;</P>

<LI>

<P align=justify>Paid $2.2 million of dividends to the Company&#8217;s shareholders;</P>

<LI>

<P align=justify>Invested $5.0 million in Whitehorse Gold Corp. (&#8220;WHG&#8221;) to increase the Company&#8217;s ownership interest in WHG by 2.5% to 29.5%; and,</P>

<LI>

<P align=justify>Strong balance sheet with $214.4 million in cash and cash equivalents and short-term investments, up $15.3 million or 8% compared to $199.1 million as at March 31, 2021. This does not include the investments in associates and equity investment in other companies, having a total market value of $243.2 million as at June 30, 2021.</P></LI></UL></DIV><BR>

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<P style="TEXT-ALIGN: justify"><B><U>CONSOLIDATED FINANCIAL RESULTS</U></B></P>

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   <TD width="58%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="14%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="38%" colSpan=4 noWrap align=center><B><FONT color=#ffffff>Three months ended June 30,</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>2021</FONT></B></TD>

   <TD bgColor=#993300 width="4%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>2020</FONT></B></TD>

   <TD bgColor=#993300 width="14%" noWrap align=right><B><FONT color=#ffffff>Changes</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Financial</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Revenue (in thousands of $)</B></P></TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>58,819</B></TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>46,705</TD>

   <TD width="14%" noWrap align=right><B>26</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Mine operating earnings (in thousands of $)</B></P></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>25,504</B></TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>19,285</TD>

   <TD width="14%" noWrap align=right><B>32</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Net income attributable to equity shareholders</B></P></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>12,212</B></TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>15,491</TD>

   <TD width="14%" noWrap align=right><B>-21</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Earnings per share - basic ($/share)</B></P></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>0.07</B></TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.09</TD>

   <TD width="14%" noWrap align=right><B>-22</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Adjusted earnings attributable to equity shareholders</B></P></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>15,771</B></TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>9,566</TD>

   <TD width="14%" noWrap align=right><B>65</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Adjusted earning per share - basic ($/share)</B></P></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>0.09</B></TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.05</TD>

   <TD width="14%" noWrap align=right><B>80</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Net cash generated from operating activities (in thousands of $)</B></P></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>36,452</B></TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>30,142</TD>

   <TD width="14%" noWrap align=right><B>21</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Capitalized expenditures (in thousands of $)</B></P></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>11,172</B></TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>10,220</TD>

   <TD width="14%" noWrap align=right><B>9</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Cash and cash equivalents and short-term investments (in thousands of $)</B></P></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>214,426</B></TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>178,386</TD>

   <TD width="14%" noWrap align=right><B>20</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Working capital (in thousands of $)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>188,905</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>153,732</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right><B>23</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Metals sold</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver (in thousands of ounces)</B></P></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>1,642</B></TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,872</TD>

   <TD width="14%" noWrap align=right><B>-12</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Gold (in thousands of ounces)</B></P></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>1.0</B></TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1.1</TD>

   <TD width="14%" noWrap align=right><B>-9</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead (in thousands of pounds)</B></P></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>16,810</B></TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>20,885</TD>

   <TD width="14%" noWrap align=right><B>-20</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc (in thousands of pounds)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>7,255</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>6,958</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right><B>4</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Average Selling Price, Net of Value Added Tax and Smelter Charges</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver ($/ounce)</B></P></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>20.70</B></TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>13.99</TD>

   <TD width="14%" noWrap align=right><B>48</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Gold ($/ounce)</B></P></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>1,508</B></TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,343</TD>

   <TD width="14%" noWrap align=right><B>12</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead ($/pound)</B></P></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>0.86</B></TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.69</TD>

   <TD width="14%" noWrap align=right><B>25</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc ($/pound)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>1.02</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>0.60</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%" noWrap align=right><B>70</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left><B>%</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><B>Net income attributable to equity shareholders of the Company </B>in Q1 Fiscal 2022 was $12.2 million or $0.07 per share, compared to $15.5 million or $0.09 per share in three months ended June 30, 2020 (&#8220;Q1 Fiscal 2021&#8221;).</P>

<P style="TEXT-ALIGN: justify"><B>Adjusted earnings attributable to equity </B>shareholders of the Company in Q1 Fiscal 2022 was $15.8 million, or $0.09 per share, compared to $9.6 million, or $0.05 per share Q1 Fiscal 2021. The adjustments were made to remove the impacts from non-cash and unusual items, including elimination of share-based compensation, foreign exchange loss, share of loss in associates, gain or loss on mark-to-market equity investments, and onetime items.</P>

<P style="TEXT-ALIGN: justify">In Q1 Fiscal 2022, the Company&#8217;s consolidated financial results were mainly impacted by i) an increase of 48%, 12%, 25%, and 70%, respectively, in the realized selling prices for silver, gold, lead and zinc; offset by ii) a decrease of 12%, 9%, and 20%, respectively, in silver, gold, and lead sold; iii) lower production; and iv) the depreciation of the US dollar against the Company&#8217;s functional currencies, mainly the Chinese yuan and the Canadian dollar.</P>

<P style="TEXT-ALIGN: justify"><B>Revenue </B>in Q1 Fiscal 2022 was $58.8 million, up 26% or $12.1 million compared to $46.7 million in Q1 Fiscal 2021. The increase was mainly due to i) an increase of $19.3 million arising from the increase in the net realized selling metal prices; ii) an increase of $1.3 million arising from the increase in the quantities of zinc sold; offset by iii) a decrease of $8.5 million arising from the decrease in the quantities of silver, gold, and lead sold. Revenues from silver, gold, and base metal were $34.0 million, $1.5 million, and $23.3 million, respectively, up 30%, 2%, and 22%, respectively, compared to $26.2 million, $1.5 million, and $19.0 million in Q1 Fiscal 2021. Revenue from the Ying Mining District was $47.4 million, up 19%, compared to $39.7 million in Q1 Fiscal 2021. Revenue from the GC Mine was $11.4 million, up 62%, compared to $7.0 million in Q1 Fiscal 2021.</P>

<P style="TEXT-ALIGN: justify"><B>Income from mine operations </B>in Q1 Fiscal 2022 was $25.5 million, up 32% compared to $19.3 million in prior year quarter. Income from mine operations at the Ying Mining District was $21.2 million, up 20% compared to $17.6 million in Q1 Fiscal 2021. Income from mine operations at the GC Mine was $4.4 million, up 144% compared to $1.8 million in Q1 Fiscal 2021.</P>

<P style="TEXT-ALIGN: justify"><B>Cash flow provided by operating activities </B>in Q1 Fiscal 2022 was $36.5 million, up 21% or $6.3 million, compared to $30.1 million in Q1 Fiscal 2021.</P></DIV><BR>

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<P style="TEXT-ALIGN: justify">The Company ended the quarter with $214.4 million in cash, cash equivalents and short-term investments, up 8% or $15.3 million, compared to $199.1 million as at March 31, 2021.</P>

<P style="TEXT-ALIGN: justify">Working capital as at June 30, 2021 was $188.9 million, up 3% or $4.9 million, compared to $184.0 million as at March 31, 2021.</P>

<P style="TEXT-ALIGN: justify"><B><U>CONSOLIDATED OPERATIONAL RESULTS</U></B></P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="58%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 colSpan=6 noWrap align=center><B><FONT color=#ffffff>Three months ended June 30,</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 noWrap align=right><B><FONT color=#ffffff>2021</FONT></B></TD>

   <TD bgColor=#993300 noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 noWrap align=right><B><FONT color=#ffffff>2020</FONT></B></TD>

   <TD bgColor=#993300 noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 noWrap align=right><B><FONT color=#ffffff>Changes</FONT></B></TD>

   <TD bgColor=#993300 noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Ore Production (tonne)</B></TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Ore mined</B></P></TD>

   <TD noWrap align=right><B>231,235</B></TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>254,555</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right><B>-9</B></TD>

   <TD noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Ore milled</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>243,077</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>262,326</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>-7</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Metal Production</B></TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver (in thousands of ounces)</B></P></TD>

   <TD noWrap align=right><B>1,474</B></TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>1,752</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right><B>-16</B></TD>

   <TD noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Gold (in thousands of ounces)</B></P></TD>

   <TD noWrap align=right><B>1.0</B></TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>1.1</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right><B>-9</B></TD>

   <TD noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead (in thousands of pounds)</B></P></TD>

   <TD noWrap align=right><B>15,878</B></TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>20,077</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right><B>-21</B></TD>

   <TD noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc (in thousands of pounds)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>7,198</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>7,533</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>-4</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Cash Costs</B></TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Cash cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD noWrap align=right><B>(1.43</B></TD>

   <TD noWrap align=left><B>)</B></TD>

   <TD noWrap align=right>(1.48</TD>

   <TD noWrap align=left>)</TD>

   <TD noWrap align=right><B>3</B></TD>

   <TD noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>All-in sustaining cost per ounce of silver, net of by-product credits ($)</B></P></TD>

   <TD noWrap align=right><B>7.46</B></TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>5.61</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right><B>33</B></TD>

   <TD noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Cash production cost per tonne of ore processed ($)</B></P></TD>

   <TD noWrap align=right><B>77.55</B></TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>67.05</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right><B>16</B></TD>

   <TD noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>All-in sustaining cost per tonne of ore processed ($)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>131.48</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>112.59</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>17</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>%</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">In Q1 Fiscal 2022, on a consolidated basis, the Company mined 231,235 tonnes of ore, down 9% or 23,320 tonnes, compared to 254,555 tonnes in Q1 Fiscal 2021. Ore milled in Q1 Fiscal 2022 was 243,077 tonnes, down 7% or 19,249 tonnes, compared to 262,326 tonnes in Q1 Fiscal 2021. The decrease was primarily a result of the Company&#8217;s mining contract renewal negotiation at the Ying Mining District as reported in the Company&#8217;s news releases dated July 13 and April 28, 2021. Contracts were renewed for an additional 2 years in mid May 2021, and the Company expects to increase production in the remaining three quarters and meet its annual guidance.</P>

<P style="TEXT-ALIGN: justify">In Q1 Fiscal 2022, the Company produced approximately 1.5 million ounces of silver, 1,000 ounces of gold, 15.9 million pounds of lead, and 7.2 million pounds of zinc, compared to 1.8 million ounces of silver, 1,100 ounces of gold, 20.1 million pounds of lead, and 7.5 million pounds of zinc sold in Q1 Fiscal 2021.</P>

<P style="TEXT-ALIGN: justify">Compared to Q1 Fiscal 2021, the Company&#8217;s consolidated per tonne costs in the current quarter were mainly impacted by i) 9% appreciation of the Chinese yuan against the US dollar resulting in higher costs presented in the US dollar; ii) an average 7% increase in frontline workers&#8217; pay rate, iii) lower production at the Ying Mining District resulting in higher per tonne fixed cost allocation, and iv) an overall of 14.5% increase in mining contractors&#8217; fee rate at the Ying Mining District as reported previously in the Company&#8217;s news release dated May 20, 2021. The consolidated cash production cost and all-in sustaining production cost per tonne of ore processed were $77.55 and $131.48, up 16% and 17%, respectively, compared to $67.05 and $112.59 in Q1 Fiscal 2021, but both were in line with the Company&#8217;s Fiscal 2022 annual guidance.</P>

<P style="TEXT-ALIGN: justify">In Q1 Fiscal 2022, the consolidated cash cost per ounce of silver, net of by-product credits, was negative $1.43, compared to negative $1.48 in the prior year quarter. The increase was mainly due to the increase in per tonne cash production costs as discussed above, offset by an increase of $4.16 in by-product credits per ounce of silver. Sales from lead and zinc in Q1 Fiscal 2022 amounted to $21.8 million, up $3.3 million, compared to $18.5 million in Q1 Fiscal 2021.</P>

<P style="TEXT-ALIGN: justify">The consolidated all-in sustaining cost per ounce of silver, net of by-product credits, was $7.46, compared to $5.61 in Q1 Fiscal 2021. The increase was mainly due to the increase in per tonne all-in sustaining production cost, offset by an increase of $4.16 in by-product credits per ounce of silver.</P>

<P style="TEXT-ALIGN: justify">In Q1 Fiscal 2022, on a consolidated basis, a total of 107,913 metres or $4.6 million worth of diamond drilling were completed (Q1 Fiscal 2021 - 36,697 metres or $1.1 million), of which approximately 50,666 metres or $1.3 million worth of underground drilling were expensed as part of mining costs (Q1 Fiscal 2021 - 36,697 metres or</P></DIV><BR>

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<P style="TEXT-ALIGN: justify">$1.1 million) and approximately 57,247 metres or $3.3 million worth of exploration drilling were capitalized (Q1 Fiscal 2021 - nil). In addition, approximately 6,955 metres or $2.8 million worth of preparation tunnelling were completed and expensed as part of mining costs (Q1 Fiscal 2021 - 10,142 metres or $2.6 million), and approximately 17,263 metres or $6.6 million worth of tunnels, raises, ramps and declines were completed and capitalized (Q1 Fiscal 2021 - 26,375 metres or $9.0 million).</P>

<P style="TEXT-ALIGN: justify"><B><U>INDIVIDUAL MINE OPERATING PERFORMANCE</U></B></P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="30%"></TD>

   <TD width="12%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="30%" noWrap align=left><B><FONT color=#ffffff>Ying Mining District</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=right><B><FONT color=#ffffff>Q1 2022</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="14%" noWrap align=right><B><FONT color=#ffffff>Q4 2021</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="14%" noWrap align=right><B><FONT color=#ffffff>Q3 2021</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=right><B><FONT color=#ffffff>Q2 2021</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=right><B><FONT color=#ffffff>Q1 2021</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="30%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=right><B><FONT color=#ffffff>June 30, 2021</FONT></B></TD>

   <TD bgColor=#993300 width="14%" noWrap align=right><B><FONT color=#ffffff>March 31, 2021</FONT></B></TD>

   <TD bgColor=#993300 width="14%" noWrap align=right><B><FONT color=#ffffff>December 31, 2020</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="12%" noWrap align=right><B><FONT color=#ffffff>September 30, 2020</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="12%" noWrap align=right><B><FONT color=#ffffff>June 30, 2020</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left><B>Ore Production (tonne)</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Ore mined</B></P></TD>

   <TD width="12%" noWrap align=right><B>142,907</B></TD>

   <TD width="14%" noWrap align=right>112,561</TD>

   <TD width="14%" noWrap align=right>182,268</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>181,020</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>174,176</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Ore milled</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>155,407</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>131,725</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>162,905</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>179,083</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>177,689</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left><B>Head grades</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver (gram/tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>279</B></TD>

   <TD width="14%" noWrap align=right>280</TD>

   <TD width="14%" noWrap align=right>297</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>288</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>293</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>4.2</B></TD>

   <TD width="14%" noWrap align=right>3.9</TD>

   <TD width="14%" noWrap align=right>4.3</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>4.4</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>4.6</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc (%)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>0.8</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>0.8</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>0.8</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>0.7</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>0.8</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left><B>Recovery rates</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>94.7</B></TD>

   <TD width="14%" noWrap align=right>93.7</TD>

   <TD width="14%" noWrap align=right>93.9</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>94.4</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>94.7</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>95.7</B></TD>

   <TD width="14%" noWrap align=right>95.1</TD>

   <TD width="14%" noWrap align=right>96.4</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>96.1</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>96.2</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc (%)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>59.7</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>65.0</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>63.3</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>57.9</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>63.8</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left><B>Cash Costs</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Cash cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>0.80</B></TD>

   <TD width="14%" noWrap align=right>1.20</TD>

   <TD width="14%" noWrap align=right>(1.12</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="12%" noWrap align=right>(0.14</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="12%" noWrap align=right>(0.87</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>All-in sustaining cost per ounce of silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>6.54</B></TD>

   <TD width="14%" noWrap align=right>10.00</TD>

   <TD width="14%" noWrap align=right>5.24</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>6.63</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>4.14</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Cash production cost per tonne of ore processed ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>92.79</B></TD>

   <TD width="14%" noWrap align=right>98.13</TD>

   <TD width="14%" noWrap align=right>83.09</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>80.06</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>76.21</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>All-in sustaining cost per tonne of ore processed ($)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>138.55</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>155.14</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>133.07</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>132.36</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>116.99</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left><B>Metal Production</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver (in thousands of ounces)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1,283</B></TD>

   <TD width="14%" noWrap align=right>1,083</TD>

   <TD width="14%" noWrap align=right>1,464</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1,525</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1,544</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Gold (in thousands of ounces)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1.0</B></TD>

   <TD width="14%" noWrap align=right>0.3</TD>

   <TD width="14%" noWrap align=right>0.9</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1.1</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1.2</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead (in thousands of pounds)</B></P></TD>

   <TD width="12%" noWrap align=right><B>13,278</B></TD>

   <TD width="14%" noWrap align=right>10,504</TD>

   <TD width="14%" noWrap align=right>14,361</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>16,080</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>16,941</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc (in thousands of pounds)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>1,519</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>1,496</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>1,857</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>1,643</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>1,920</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">In Q1 Fiscal 2022, a total of 89,189 metres or $3.9 million worth of diamond drilling were completed (Q1 Fiscal 2021 - 28,485 metres or $0.8 million) at the Ying Mining District, of which approximately 31,942 metres or $0.7 million worth of underground drilling were expensed as part of mining costs (Q1 Fiscal 2021 - 28,485 metres or $0.8 million) and approximately 57,247 metres or $3.3 million worth of exploration drilling were capitalized (Q1 Fiscal 2021 - nil). In addition, approximately 6,501 metres or $2.5 million worth of preparation tunnelling were completed and expensed as part of mining costs (Q1 Fiscal 2021 - 6,207 metres or $1.8 million), and approximately 12,973 metres or $5.4 million worth of horizontal tunnels, raises, ramps, and declines were completed and capitalized (Q1 Fiscal 2021 - 23,108 metres or $7.8 million).</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="30%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="30%" noWrap align=left><B><FONT color=#ffffff>GC Mine</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=right><B><FONT color=#ffffff>Q1 2022</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=right><FONT color=#ffffff>Q4 2021</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=right><B><FONT color=#ffffff>Q3 2021</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=right><B><FONT color=#ffffff>Q2 2021</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=right><B><FONT color=#ffffff>Q1 2021</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="30%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=right><B><FONT color=#ffffff>June 30, 2021</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="12%" noWrap align=right><FONT color=#ffffff>March 31, 2021</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="12%" noWrap align=right><B><FONT color=#ffffff>December 31, 2020</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="12%" noWrap align=right><B><FONT color=#ffffff>September 30, 2020</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="12%" noWrap align=right><B><FONT color=#ffffff>June 30, 2020</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left><B>Ore Production (tonne)</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Ore mined</B></P></TD>

   <TD width="12%" noWrap align=right><B>88,328</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>50,511</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>97,177</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>86,833</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>80,379</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Ore milled</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>87,670</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>48,949</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>97,743</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>84,850</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>84,637</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left><B>Head grades</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver (gram/tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>80</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>87</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>82</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>81</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>93</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1.5</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1.7</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1.4</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1.8</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1.9</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc (%)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>3.3</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>3.3</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>3.5</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>3.4</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>3.4</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left><B>Recovery rates</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>84.1</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>81.9</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>82.6</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>82.5</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>82.8</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>89.3</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>89.7</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>89.6</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>89.2</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>89.8</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc (%)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>89.3</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>88.2</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>89.7</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>87.3</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>87.3</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left><B>Cash Costs</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Cash cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>(17.96</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right>(12.80</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="12%" noWrap align=right>(14.43</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="12%" noWrap align=right>(12.70</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="12%" noWrap align=right>(6.59</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>All-in sustaining cost per ounce of silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>(7.98</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right>0.52</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>(1.05</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="12%" noWrap align=right>(1.78</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="12%" noWrap align=right>2.41</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Cash production cost per tonne of ore processed ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>52.90</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>58.56</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>54.07</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>48.47</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>47.08</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>All-in sustaining cost per tonne of ore processed ($)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>71.67</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>87.69</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>78.63</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>69.07</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>65.84</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left><B>Metal Production</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Silver (in thousands of ounces)</B></P></TD>

   <TD width="12%" noWrap align=right><B>190</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>112</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>212</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>182</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>209</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead (in thousands of pounds)</B></P></TD>

   <TD width="12%" noWrap align=right><B>2,600</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1,652</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2,750</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>3,006</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>3,136</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc (in thousands of pounds)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>5,679</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>3,176</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>6,816</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>5,490</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>5,613</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">In Q1 Fiscal 2022, approximately 18,724 metres or $0.6 million worth of underground diamond drilling (Q1 Fiscal 2021 - 8,212 metres or $0.3 million) and 454 metres or $0.3 million of tunnelling (Q1 Fiscal 2021 - 3,458 metres or $0.8 million) were completed and expensed as mining preparation costs at the GC Mine. In addition, approximately 4,290 metres or $1.2 million of horizontal tunnels, raises, and declines were completed and capitalized (Q1 Fiscal 2021 - 3,267 metres or $1.2 million).</P></DIV><BR>

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<P style="TEXT-ALIGN: justify"><B><U>CONFERENCE CALL DETAILS</U></B></P>

<P style="TEXT-ALIGN: justify">A conference call to discuss these results will be held tomorrow, Friday, August 6, at 9:00 am PDT (12:00 pm EDT). To participate in the conference call, please dial the numbers below.</P>

<P style="TEXT-ALIGN: justify">Canada/USA TF: 888-664-6383 </P>

<P style="TEXT-ALIGN: justify">International Toll: 416-764-8650 </P>

<P style="TEXT-ALIGN: justify">Conference ID: 22851634</P>

<P style="TEXT-ALIGN: justify">Participants should dial-in 10 - 15 minutes prior to the start time. A replay of the conference call and transcript will be available on the Company&#8217;s website at <U>www.silvercorp.ca</U>.</P>

<P style="TEXT-ALIGN: justify">Mr. Guoliang Ma, P.Geo., Manager of Exploration and Resources of the Company, is the Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects (&#8220;NI 43-101&#8221;) and has reviewed and consented to the technical information contained in this news release.</P>

<P style="TEXT-ALIGN: justify"><I>This earnings release should be read in conjunction with the Company's Management Discussion &amp; Analysis (&#8220;MD&amp;A&#8221;), Financial Statements and Notes to Financial Statements for the corresponding period, which have been posted on SEDAR under the Company&#8217;s profile at www.sedar.com and are also available on the Company's website at www.silvercorp.ca. This earnings release refers to various alternative performance (non-IFRS) measures, such as adjusted earnings and adjusted earnings per share, cash cost and all-in sustaining cost per ounce of silver, net of by-product credits, cash production cost and all-in sustaining production cost per tonne of ore processed and working capital. These measures are widely used in the mining industry as a benchmark for performance, but do not have standardized meanings under IFRS as an indicator of performance and may differ from methods used by other companies with similar description. Accordingly, to facilitate a better understanding of these measures as calculated by the Company, please refer to section 10 - Alternative Performance (Non-IFRS) Measures of the corresponding MD&amp;A for detailed description and reconciliation.</I></P>

<P style="TEXT-ALIGN: justify"><B>About Silvercorp</B></P>

<P style="TEXT-ALIGN: justify">Silvercorp is a profitable Canadian mining company producing silver, lead and zinc metals in concentrates from mines in China. The Company&#8217;s goal is to continuously create healthy returns to shareholders through efficient management, organic growth, and the acquisition of profitable projects. Silvercorp balances profitability, social and environmental relationships, employees&#8217; wellbeing, and sustainable development. For more information, please visit our website at www.silvercorp.ca.</P>

<P style="TEXT-ALIGN: justify"><B>For further information</B><BR>Silvercorp Metals Inc. <BR>Lon Shaver <BR>Vice President <BR>Phone: (604) 669-9397 <BR>Toll Free 1(888) 224-1881 <BR>Email: investor@silvercorp.ca <BR>Website: www.silvercorp.ca</P>

<P style="TEXT-ALIGN: justify"><B>CAUTIONARY DISCLAIMER - FORWARD-LOOKING STATEMENTS</B></P>

<P style="TEXT-ALIGN: justify">Certain of the statements and information in this news release constitute &#8220;forward-looking statements&#8221; within the meaning of the United States Private Securities Litigation Reform Act of 1995 and &#8220;forward-looking information&#8221; within the meaning of applicable Canadian provincial securities laws (collectively, &#8220;forward-looking statements&#8221;). 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 &#8220;expects&#8221;, &#8220;is expected&#8221;, &#8220;anticipates&#8221;, &#8220;believes&#8221;, &#8220;plans&#8221;, &#8220;projects&#8221;, &#8220;estimates&#8221;, &#8220;assumes&#8221;, &#8220;intends&#8221;, &#8220;strategies&#8221;, &#8220;targets&#8221;, &#8220;goals&#8221;, &#8220;forecasts&#8221;, &#8220;objectives&#8221;, &#8220;budgets&#8221;, &#8220;schedules&#8221;, &#8220;potential&#8221; or variations thereof or stating that certain actions, events or results &#8220;may&#8221;, &#8220;could&#8221;, &#8220;would&#8221;, &#8220;might&#8221; or &#8220;will&#8221; 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</P></DIV><BR>

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<P style="TEXT-ALIGN: justify">estimates at the Company&#8217;s material properties; the sufficiency of the Company&#8217;s capital to finance the Company&#8217;s operations; estimates of the Company&#8217;s revenues and capital expenditures; estimated production from the Company&#8217;s mines in the Ying Mining District and the GC Mine; timing of receipt of permits and regulatory approvals; availability of funds from production to finance the Company&#8217;s operations; and access to and availability of funding for future construction, use of proceeds from any financing and development of the Company&#8217;s properties.</P>

<P style="TEXT-ALIGN: justify">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: global economic and social impact of COVID-19; fluctuating commodity prices; calculation of resources, reserves and mineralization and precious and base metal recovery; interpretations and assumptions of mineral resource and 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&#8217;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.</P>

<P style="TEXT-ALIGN: justify">This list is not exhaustive of the factors that may affect any of the Company&#8217;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&#8217;s Annual Information Form under the heading &#8220;Risk Factors&#8221;. 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.</P>

<P style="TEXT-ALIGN: justify">The Company&#8217;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&#8217;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.</P></DIV><BR>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>FORM 52-109F2 CERTIFICATE OF INTERIM FILINGS - FULL CERTIFICATE - CFO
<TEXT>

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   <TITLE>Exhibit 99.2</TITLE>
</HEAD>

<BODY bgcolor="#ffffff" style="font-family: 'Times New Roman';font-size: 10pt;">
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<div align="right"><B>Exhibit 99.2</B></div>
<!--$$/page=--><A name="page_1"></A><BR>

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<P style="TEXT-ALIGN: center"><B>Form 52-109F2<BR></B><B><I>Certification of Interim Filings<BR>Full Certificate</I></B></P>

<P style="TEXT-ALIGN: justify">I, <B>Derek Liu, Chief Financial Officer of Silvercorp Metals Inc. </B>certify the following:</P>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD vAlign=top width="4%" noWrap>1.&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify><B><I>Review: </I></B>I have reviewed the interim financial report and interim MD&A (together, the &#8220;interim filings&#8221;) of <B>Silvercorp Metals Inc.</B> (the &#8220;issuer&#8221;) for the interim period ended <B></B>June 30, 2021</B>.</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap></TD>

   <TD width="96%">

   <P align=justify><B><I>&nbsp;</I></B></P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>2.&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify><B><I>No misrepresentations: </I></B>Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap></TD>

   <TD width="96%">

   <P align=justify><B><I>&nbsp;</I></B></P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>3.&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify><B><I>Fair presentation: </I></B>Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">

   <P align=justify><B><I></I></B></P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD width="96%">

   <P align=justify><B><I>Responsibility: </I></B>The issuer&#8217;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 <I>Certification of Disclosure in Issuers&#8217; Annual and Interim Filings</I>, for the issuer.</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">

   <P align=justify><B><I></I></B></P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD width="96%"><p align="justify"><strong><em>Design: </em></strong>Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&#8217;s other certifying officer(s) and I have, as at the end of the period covered by the interim filings</p></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">

   <P align=justify><B><I></I></B></P></TD></TR></TABLE>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%"></TD>

   <TD width="4%"></TD>

   <TD width="4%"></TD>

   <TD width="88%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" noWrap align=left></TD>

   <TD vAlign=top width="4%" align=left>(a)</TD>

   <TD vAlign=top width="92%" colSpan=2 align=left>designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that</TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left></TD>

   <TD vAlign=top width="4%" align=left>&nbsp;</TD>

   <TD vAlign=top width="4%" align=left></TD>

   <TD vAlign=top width="88%" align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" noWrap align=left></TD>

   <TD vAlign=top width="4%" align=left>&nbsp;</TD>

   <TD vAlign=top width="4%" align=left>(i)</TD>

   <TD vAlign=top width="88%" align=left>material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and</TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left></TD>

   <TD vAlign=top width="4%" align=left>&nbsp;</TD>

   <TD vAlign=top width="4%" align=left></TD>

   <TD vAlign=top width="88%" align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" noWrap align=left></TD>

   <TD vAlign=top width="4%" align=left>&nbsp;</TD>

   <TD vAlign=top width="4%" align=left>(ii)</TD>

   <TD vAlign=top width="88%" align=left>information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and</TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left></TD>

   <TD vAlign=top width="4%" align=left>&nbsp;</TD>

   <TD vAlign=top width="92%" colSpan=2 align=left></TD></TR>

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   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" noWrap align=left></TD>

   <TD vAlign=top width="4%" align=left>(b)</TD>

   <TD vAlign=top width="92%" colSpan=2 align=left>designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer&#8217;s GAAP.</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD vAlign=top width="4%" noWrap>5.1&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify><B><I>Control framework: </I></B>The control framework the issuer&#8217;s other certifying officer(s) and I used to design the issuer&#8217;s ICFR is <B>the </B><B><I>Internal Control &#8211; Integrated Framework </I></B>issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap></TD>

   <TD width="96%">

   <P align=justify><B><I>&nbsp;</I></B></P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>5.2&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify><B><I>ICFR &#8211; material weakness relating to design: </I></B>The issuer has disclosed in its interim MD&A for each material weakness relating to design existing at the end of the interim period</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap></TD>

   <TD width="96%">

	   <P align=justify><B><I>&nbsp;</I></B></P></TD></TR></TABLE>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>
<TR>

	<TD vAlign=top width="4%" noWrap>&nbsp;</TD>

	<TD vAlign=top width="4%" noWrap>(a) </TD>

    <TD width="96%"><P align=justify>a description of the material weakness; </P></TD></TR></TABLE></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<BR>

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<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>
<TR>

	<TD vAlign=top width="4%" noWrap>&nbsp;</TD>

	<TD vAlign=top width="4%" noWrap>(b) </TD>

    <TD width="96%"><P align=justify>the impact of the material weakness on the issuer&#8217;s financial reporting and its ICFR; and</P></TD></TR>

		<TR>

	<TD vAlign=top width="4%" noWrap>&nbsp;</TD>

	<TD vAlign=top width="4%" noWrap>&nbsp;</TD>

    <TD width="96%">&nbsp;</TD></TR>

	<TR>

	<TD vAlign=top width="4%" noWrap>&nbsp;</TD>

	<TD vAlign=top width="4%" noWrap>(c) </TD>

    <TD width="96%"><P align=justify>the issuer&#8217;s current plans, if any, or any actions already undertaken, for remediating the material weakness.</P></TD></TR></TABLE>

<P style="MARGIN: 0px">&nbsp;</P>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD vAlign=top width="4%" noWrap>5.3&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>N/A</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap></TD>

   <TD width="96%">

   <P align=justify><B><I>&nbsp;</I></B></P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>6.&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify><B>Reporting changes to ICFR: </B> The issuer has disclosed in its interim MD&A any change in the issuer&#8217;s ICFR that occurred during the period beginning on April 1, 2021 and ended on June 30, 2021 that has materially affected, or is reasonably likely to materially affect, the issuer&#8217;s ICFR. </P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify">Date: <B>August 5, 2021</B></P>

<P style="TEXT-ALIGN: justify"><U>/s/ Derek Liu</U><BR>Derek Liu<BR>Chief Financial Officer</P>

<P style="TEXT-ALIGN: center">2</P></DIV><BR>

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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>FORM 52-109F2 CERTIFICATE OF INTERIM FILINGS - FULL CERTIFICATE - CEO
<TEXT>

<HTML>
<HEAD>
   <TITLE>Exhibit 99.3</TITLE>
</HEAD>

<BODY bgcolor="#ffffff" style="font-family: 'Times New Roman';font-size: 10pt;">
<HR noshade align="center" width="100%" size=3 margin=0>
<div align="right"><B>Exhibit 99.3</B></div>
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<P style="TEXT-ALIGN: center"><B>Form 52-109F2<BR></B><B><I>Certification of Interim Filings<BR>Full Certificate</I></B></P>

<P style="TEXT-ALIGN: justify">I, <B>Rui Feng, Chief Executive Officer of Silvercorp Metals Inc. </B>certify the following:</P>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD vAlign=top width="4%" noWrap>1.&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify><B><I>Review: </I></B>I have reviewed the interim financial report and interim MD&A (together, the &#8220;interim filings&#8221;) of <B>Silvercorp Metals Inc.</B> (the &#8220;issuer&#8221;) for the interim period ended <B></B>June 30, 2021</B>.</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap></TD>

   <TD width="96%">

   <P align=justify><B><I>&nbsp;</I></B></P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>2.&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify><B><I>No misrepresentations: </I></B>Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap></TD>

   <TD width="96%">

   <P align=justify><B><I>&nbsp;</I></B></P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>3.&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify><B><I>Fair presentation: </I></B>Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">

   <P align=justify><B><I></I></B></P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD width="96%">

   <P align=justify><B><I>Responsibility: </I></B>The issuer&#8217;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 <I>Certification of Disclosure in Issuers&#8217; Annual and Interim Filings</I>, for the issuer.</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">

   <P align=justify><B><I></I></B></P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD width="96%"><p align="justify"><strong><em>Design: </em></strong>Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&#8217;s other certifying officer(s) and I have, as at the end of the period covered by the interim filings</p></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">

   <P align=justify><B><I></I></B></P></TD></TR></TABLE>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%"></TD>

   <TD width="4%"></TD>

   <TD width="4%"></TD>

   <TD width="88%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" noWrap align=left></TD>

   <TD vAlign=top width="4%" align=left>(a)</TD>

   <TD vAlign=top width="92%" colSpan=2 align=left>designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that</TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left></TD>

   <TD vAlign=top width="4%" align=left>&nbsp;</TD>

   <TD vAlign=top width="4%" align=left></TD>

   <TD vAlign=top width="88%" align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" noWrap align=left></TD>

   <TD vAlign=top width="4%" align=left>&nbsp;</TD>

   <TD vAlign=top width="4%" align=left>(i)</TD>

   <TD vAlign=top width="88%" align=left>material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and</TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left></TD>

   <TD vAlign=top width="4%" align=left>&nbsp;</TD>

   <TD vAlign=top width="4%" align=left></TD>

   <TD vAlign=top width="88%" align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" noWrap align=left></TD>

   <TD vAlign=top width="4%" align=left>&nbsp;</TD>

   <TD vAlign=top width="4%" align=left>(ii)</TD>

   <TD vAlign=top width="88%" align=left>information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and</TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left></TD>

   <TD vAlign=top width="4%" align=left>&nbsp;</TD>

   <TD vAlign=top width="92%" colSpan=2 align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="4%" noWrap align=left></TD>

   <TD vAlign=top width="4%" align=left>(b)</TD>

   <TD vAlign=top width="92%" colSpan=2 align=left>designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer&#8217;s GAAP.</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD vAlign=top width="4%" noWrap>5.1&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify><B><I>Control framework: </I></B>The control framework the issuer&#8217;s other certifying officer(s) and I used to design the issuer&#8217;s ICFR is <B>the </B><B><I>Internal Control &#8211; Integrated Framework </I></B>issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap></TD>

   <TD width="96%">

   <P align=justify><B><I>&nbsp;</I></B></P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>5.2&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify><B><I>ICFR &#8211; material weakness relating to design: </I></B>The issuer has disclosed in its interim MD&A for each material weakness relating to design existing at the end of the interim period</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap></TD>

   <TD width="96%">

	   <P align=justify><B><I>&nbsp;</I></B></P></TD></TR></TABLE>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>
<TR>

	<TD vAlign=top width="4%" noWrap>&nbsp;</TD>

	<TD vAlign=top width="4%" noWrap>(a) </TD>

    <TD width="96%"><P align=justify>a description of the material weakness; </P></TD></TR></TABLE></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<BR>

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<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>
<TR>

	<TD vAlign=top width="4%" noWrap>&nbsp;</TD>

	<TD vAlign=top width="4%" noWrap>(b) </TD>

    <TD width="96%"><P align=justify>the impact of the material weakness on the issuer&#8217;s financial reporting and its ICFR; and</P></TD></TR>

		<TR>

	<TD vAlign=top width="4%" noWrap>&nbsp;</TD>

	<TD vAlign=top width="4%" noWrap>&nbsp;</TD>

    <TD width="96%">&nbsp;</TD></TR>

	<TR>

	<TD vAlign=top width="4%" noWrap>&nbsp;</TD>

	<TD vAlign=top width="4%" noWrap>(c) </TD>

    <TD width="96%"><P align=justify>the issuer&#8217;s current plans, if any, or any actions already undertaken, for remediating the material weakness.</P></TD></TR></TABLE>

<P style="MARGIN: 0px">&nbsp;</P>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD vAlign=top width="4%" noWrap>5.3&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>N/A</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap></TD>

   <TD width="96%">

   <P align=justify><B><I>&nbsp;</I></B></P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>6.&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify><B>Reporting changes to ICFR: </B> The issuer has disclosed in its interim MD&A any change in the issuer&#8217;s ICFR that occurred during the period beginning on April 1, 2021 and ended on June 30, 2021 that has materially affected, or is reasonably likely to materially affect, the issuer&#8217;s ICFR. </P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify">Date: <B>August 5, 2021</B></P>

<P style="TEXT-ALIGN: justify"><U>/s/ Rui Feng</U><BR>Rui Feng<BR>Chief Executive Officer</P>

<P style="TEXT-ALIGN: center">2</P></DIV><BR>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>SILVERCORP METALS INC. FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED JUNE 30, 2021
<TEXT>

<HTML>
<HEAD>
   <TITLE>Exhibit 99.4</TITLE>
</HEAD>

<BODY bgcolor="#ffffff" style="font-family: 'Times New Roman';font-size: 10pt;">
<HR noshade align="center" width="100%" size=3 margin=0>
<div align="right"><strong>Exhibit 99.4</strong></div>
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<a name="_bclPageBorder1"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<IMG border=0 src="exhibit99-4x1x1.jpg"> <BR>

<P style="TEXT-ALIGN: justify"><B>SILVERCORP METALS INC.</B></P>

<P style="TEXT-ALIGN: justify"><B>CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS <BR>For the three months ended June 30, 2021 and 2020 <BR>(Expressed in thousands of US dollars, unless otherwise stated) <BR>(Unaudited)</B></P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<BR>

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<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Condensed Consolidated Interim Statements of Financial Position</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars)</I></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style= width="64%"></TD>

   <TD style= width="8%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="4%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style= width="64%" noWrap align=left>&nbsp;</TD>

   <TD style= width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>As at June 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>As at March 31,</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="64%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center><B>Notes</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>2021</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left><B>ASSETS</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left><B>Current Assets</B></TD>

   <TD style= width="8%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=left>&nbsp;</TD>

   <TD style= width="4%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Cash and cash equivalents</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>18</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>171,458</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>118,735</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Short-term investments</P></TD>

   <TD style= width="8%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>42,968</B></TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>80,357</TD>

   <TD style= width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Trade and other receivables</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,368</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,485</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Current portion of lease receivable</P></TD>

   <TD style= width="8%" noWrap align=center>7</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>216</B></TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>213</TD>

   <TD style= width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Inventories</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>5,563</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>9,768</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Due from related parties</P></TD>

   <TD style= width="8%" noWrap align=center>11</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>874</B></TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>847</TD>

   <TD style= width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Income tax receivable</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>4,326</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>4,978</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Prepaids and deposits</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>6,509</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>4,806</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>233,282</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>221,189</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left><B>&nbsp;</B></TD>

   <TD style= width="8%" noWrap align=left></TD>

   <TD style= width="2%" noWrap align=right></TD>

   <TD style= width="10%" noWrap align=left></TD>

   <TD style= width="4%" noWrap align=right></TD>

   <TD style= width="10%" noWrap align=left></TD>

   <TD style= width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left><B>Non-current Assets</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Long-term prepaids and deposits</P></TD>

   <TD style= width="8%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>559</B></TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>409</TD>

   <TD style= width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Long-term portion lease receivable</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>7</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>132</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>183</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Reclamation deposits</P></TD>

   <TD style= width="8%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>8,658</B></TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>8,513</TD>

   <TD style= width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Investment in associates</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>3</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>62,260</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>53,457</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Other investments</P></TD>

   <TD style= width="8%" noWrap align=center>4</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>17,582</B></TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>15,733</TD>

   <TD style= width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Plant and equipment</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>5</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>75,809</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>75,729</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Mineral rights and properties</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center>6</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>287,388</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>277,429</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left><B>TOTAL ASSETS</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>685,670</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>652,642</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left><B>&nbsp;</B></TD>

   <TD style= width="8%" noWrap align=left></TD>

   <TD style= width="2%" noWrap align=right></TD>

   <TD style= width="10%" noWrap align=left></TD>

   <TD style= width="4%" noWrap align=right></TD>

   <TD style= width="10%" noWrap align=left></TD>

   <TD style= width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left><B>LIABILITIES AND EQUITY</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left><B>Current Liabilities</B></TD>

   <TD style= width="8%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=left>&nbsp;</TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Accounts payable and accrued liabilities</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>33,698</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>30,298</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Current portion of lease obligation</P></TD>

   <TD style= width="8%" noWrap align=center>7</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>671</B></TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>657</TD>

   <TD style= width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Deposits received</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>9,081</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>4,857</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Income tax payable</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>927</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>1,363</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>44,377</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>37,175</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left><B>&nbsp;</B></TD>

   <TD style= width="8%" noWrap align=left></TD>

   <TD style= width="2%" noWrap align=right></TD>

   <TD style= width="10%" noWrap align=left></TD>

   <TD style= width="4%" noWrap align=right></TD>

   <TD style= width="10%" noWrap align=left></TD>

   <TD style= width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left><B>Non-current Liabilities</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Long-term portion of lease obligation</P></TD>

   <TD style= width="8%" noWrap align=center>7</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>941</B></TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>1,084</TD>

   <TD style= width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Deferred income tax liabilities</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>42,241</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>40,792</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Environmental rehabilitation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>7,937</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>7,863</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left><B>Total Liabilities</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>95,496</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>86,914</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left><B>&nbsp;</B></TD>

   <TD style= width="8%" noWrap align=left></TD>

   <TD style= width="2%" noWrap align=right></TD>

   <TD style= width="10%" noWrap align=left></TD>

   <TD style= width="4%" noWrap align=right></TD>

   <TD style= width="10%" noWrap align=left></TD>

   <TD style= width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left><B>Equity</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Share capital</P></TD>

   <TD style= width="8%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>251,805</B></TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>250,199</TD>

   <TD style= width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Equity reserves</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>41,699</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>29,469</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Retained earnings</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>197,491</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>187,906</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left><B>Total equity attributable to the equity holders of the Company</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>490,995</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>467,574</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="64%" align=left><B>Non-controlling interests</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center>10</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>99,179</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>98,154</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left><B>Total Equity</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>590,174</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>565,728</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left><B>&nbsp;</B></TD>

   <TD style= width="8%" noWrap align=left></TD>

   <TD style= width="2%" noWrap align=right><B></B></TD>

   <TD style= width="10%" noWrap align=right><B></B></TD>

   <TD style= width="4%" noWrap align=right></TD>

   <TD style= width="10%" noWrap align=right></TD>

   <TD style= width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left><B>TOTAL LIABILITIES AND EQUITY</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>685,670</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>652,642</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Approved on behalf of the Board:</P>

<P style="TEXT-ALIGN: justify"><B><I><U>(Signed) David Kong<BR></U></I></B>Director</P>

<P style="TEXT-ALIGN: justify"><B><I><U>(Signed) Rui Feng<BR></U></I></B>Director</P>

<P style="TEXT-ALIGN: center">See accompanying notes to the condensed consolidated interim financial statements</P>

<P style="TEXT-ALIGN: right">1</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<BR>

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<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Condensed Consolidated Interim Statements of Income</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited)(Expressed in thousands of U.S. dollars, except numbers for share and per share figures)</I></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style= width="64%"></TD>

   <TD style= width="8%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style= width="64%" noWrap align=left>&nbsp;</TD>

   <TD style= width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=4 noWrap align=right><B>Three Months Ended June 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="64%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center><B>Notes</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>2020</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left><B>Revenue</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>17(b)(c)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>58,819</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>46,705</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left><B>Cost of mine operations</B></TD>

   <TD style= width="8%" noWrap align=center>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Production costs</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>22,485</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>17,747</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Depreciation and amortization</P></TD>

   <TD style= width="8%" noWrap align=center>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>6,214</B></TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>5,740</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Mineral resource taxes</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,413</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,336</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Government fees and other taxes</P></TD>

   <TD style= width="8%" noWrap align=center>13</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>691</B></TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>540</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">General and administrative</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>12</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>2,512</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,057</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="64%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>33,315</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>27,420</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left><B>Income from mine operations</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>25,504</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>19,285</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>&nbsp;</TD>

   <TD style= width="8%" noWrap align=center></TD>

   <TD style= width="2%" noWrap align=right></TD>

   <TD style= width="10%" noWrap align=right><B></B></TD>

   <TD style= width="2%" noWrap align=left></TD>

   <TD style= width="2%" noWrap align=right></TD>

   <TD style= width="10%" noWrap align=right></TD>

   <TD style= width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>Corporate general and administrative</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>12</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>3,838</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,687</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>Property evaluation and business development</TD>

   <TD style= width="8%" noWrap align=center>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>390</B></TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>(3,785</TD>

   <TD style= width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>Foreign exchange loss</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>450</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,670</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>Loss on disposal of plant and equipment</TD>

   <TD style= width="8%" noWrap align=center>5</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>85</B></TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>192</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>Share of loss in associates</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>3</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>396</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>161</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>Loss (gain) on equity investments designated as FVTPL</TD>

   <TD style= width="8%" noWrap align=center>4</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>722</B></TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>(5,466</TD>

   <TD style= width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>Other income</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(161</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(248</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left><B>Income from operations</B></TD>

   <TD style= width="8%" noWrap align=center>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>19,784</B></TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>23,074</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>Finance income</TD>

   <TD style= width="8%" noWrap align=center>14</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>1,353</B></TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>947</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>Finance costs</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>14</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(88</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(147</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left><B>Income before income taxes</B></TD>

   <TD style= width="8%" noWrap align=center>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>21,049</B></TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>23,874</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="64%" align=left>Income tax expense</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center>15</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>4,817</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>5,382</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left><B>Net income</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>16,232</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>18,492</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left><B>&nbsp;</B></TD>

   <TD style= width="8%" noWrap align=center></TD>

   <TD style= width="2%" noWrap align=right></TD>

   <TD style= width="10%" noWrap align=left></TD>

   <TD style= width="2%" noWrap align=left></TD>

   <TD style= width="2%" noWrap align=right></TD>

   <TD style= width="10%" noWrap align=left></TD>

   <TD style= width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left><B>Attributable to:</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Equity holders of the Company</P></TD>

   <TD style= width="8%" noWrap align=center>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right><B>$</B></TD>

   <TD style= width="10%" noWrap align=right><B>12,212</B></TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>$</TD>

   <TD style= width="10%" noWrap align=right>15,491</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>10</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>4,020</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>3,001</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top width="64%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>16,232</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>18,492</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top width="64%" align=left><B>Earnings per share attributable to the equity holders of the Company </B><B>Basic earnings per share</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>0.07</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>0.09</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left><B>Diluted earnings per share</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>0.07</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>0.09</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top width="64%" align=left><B>Weighted Average Number of Shares Outstanding - Basic</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>175,953,077</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>173,997,464</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left><B>Weighted Average Number of Shares Outstanding - Diluted</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>178,524,536</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>176,414,612</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center">See accompanying notes to the condensed consolidated interim financial statements</P>

<P style="TEXT-ALIGN: right">2</P></DIV><BR>

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<BR>

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<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Condensed Consolidated Interim Statements of Comprehensive Income</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars)</I></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style= width="64%"></TD>

   <TD style= width="8%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="4%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style= width="64%" noWrap align=left>&nbsp;</TD>

   <TD style= width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=3 noWrap align=right><B>Three Months Ended June 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="64%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center><B>Notes</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>2020</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left><B>Net income</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>16,232</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>18,492</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left><B>Other comprehensive income, net of taxes:</B></TD>

   <TD style= width="8%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=left>&nbsp;</TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>Items that may subsequently be reclassified to net income or loss:</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Currency translation adjustment, net of tax of $nil</P></TD>

   <TD style= width="8%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>7,354</B></TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>6,419</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Share of other comprehensive income (loss) in associate</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>3</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>3,605</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(595</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>Items that will not subsequently be reclassified to net income or loss:</TD>

   <TD style= width="8%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=left>&nbsp;</TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Change in fair value on equity investments designated as FVTOCI, net of tax of $nil</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>4</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>495</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>10,906</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left><B>Other comprehensive income, net of taxes</B></TD>

   <TD style= width="8%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right><B>$</B></TD>

   <TD style= width="10%" noWrap align=right><B>11,454</B></TD>

   <TD style= width="4%" noWrap align=right>$</TD>

   <TD style= width="10%" noWrap align=right>16,730</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left><B>Attributable to:</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="64%" align=left><P style="MARGIN-LEFT: 4%">Equity holders of the Company</P></TD>

   <TD style= width="8%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right><B>$</B></TD>

   <TD style= width="10%" noWrap align=right><B>10,553</B></TD>

   <TD style= width="4%" noWrap align=right>$</TD>

   <TD style= width="10%" noWrap align=right>16,467</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left><P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>10</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>901</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>263</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="64%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>11,454</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>16,730</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left><B>Total comprehensive income</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>27,686</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>35,222</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left><B>&nbsp;</B></TD>

   <TD style= width="8%" noWrap align=left></TD>

   <TD style= width="2%" noWrap align=right></TD>

   <TD style= width="10%" noWrap align=left></TD>

   <TD style= width="4%" noWrap align=right></TD>

   <TD style= width="10%" noWrap align=left></TD>

   <TD style= width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left><B>Attributable to:</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

	<TD vAlign=top width="64%" align=left><P style="MARGIN-LEFT: 4%">Equity holders of the Company</P></TD>

   <TD style= width="8%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right><B>$</B></TD>

   <TD style= width="10%" noWrap align=right><B>22,765</B></TD>

   <TD style= width="4%" noWrap align=right>$</TD>

   <TD style= width="10%" noWrap align=right>31,958</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left><P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>4,921</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>3,264</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="64%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>27,686</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>35,222</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center">See accompanying notes to the condensed consolidated interim financial statements</P>

<P style="TEXT-ALIGN: right">3</P></DIV><BR>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Condensed Consolidated Interim Statements of Cash Flows</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars)</I></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style= width="64%"></TD>

   <TD style= width="8%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style= width="64%" noWrap align=left>&nbsp;</TD>

   <TD style= width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=4 noWrap align=right><B>Three Months Ended June 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="64%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center><B>Notes</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>2020</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left><B>Cash provided by</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left><B>Operating activities</B></TD>

   <TD style= width="8%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Net income</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>16,232</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>18,492</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Add (deduct) items not affecting cash:</P></TD>

   <TD style= width="8%" noWrap align=center>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 8%">Finance costs</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>14</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>88</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>147</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 8%">Depreciation, amortization and depletion</P></TD>

   <TD style= width="8%" noWrap align=center>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>6,699</B></TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>6,148</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 8%">Share of loss in associates</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>3</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>396</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>161</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 8%">Income tax expense</P></TD>

   <TD style= width="8%" noWrap align=center>15</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>4,817</B></TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>5,382</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 8%">Gain on equity investments designated as FVTPL</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>4</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>722</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(5,466</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 8%">Loss on disposal of plant and equipment</P></TD>

   <TD style= width="8%" noWrap align=center>5</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>85</B></TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>192</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 8%">Share-based compensation</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>2,104</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>723</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Reclamation expenditures</P></TD>

   <TD style= width="8%" noWrap align=center>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>(87</B></TD>

   <TD style= width="2%" noWrap align=left><B>)</B></TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>(78</TD>

   <TD style= width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Income taxes paid</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(3,729</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(2,749</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Interest paid</P></TD>

   <TD style= width="8%" noWrap align=center>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>(20</B></TD>

   <TD style= width="2%" noWrap align=left><B>)</B></TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>(25</TD>

   <TD style= width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Changes in non-cash operating working capital</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>18</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>9,145</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>7,215</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="64%" align=left><B>Net cash provided by operating activities</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>36,452</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>30,142</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left><B>Investing activities</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Mineral rights and properties</P></TD>

   <TD style= width="8%" noWrap align=center>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 8%">Capital expenditures</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(10,059</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(7,851</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Plant and equipment</P></TD>

   <TD style= width="8%" noWrap align=center>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 8%">Additions</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(1,224</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(806</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 8%">Proceeds on disposals</P></TD>

   <TD style= width="8%" noWrap align=center>5</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>34</B></TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>1</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Reclamation deposits</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 8%">Paid</P></TD>

   <TD style= width="8%" noWrap align=center>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>(43</B></TD>

   <TD style= width="2%" noWrap align=left><B>)</B></TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>(250</TD>

   <TD style= width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 8%">Refund</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,775</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Other investments</P></TD>

   <TD style= width="8%" noWrap align=center>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 8%">Acquisition</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>4</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(2,611</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(5,538</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 8%">Proceeds on disposals</P></TD>

   <TD style= width="8%" noWrap align=center>4</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>769</B></TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>16,574</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Investment in associates</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>3</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(4,960</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(5,805</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Net redemptions (purchases) of short-term investments</P></TD>

   <TD style= width="8%" noWrap align=center>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>38,524</B></TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>890</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Principal received on lease receivable</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>7</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>54</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>45</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="64%" align=left><B>Net cash provided by (used in) investing activities</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>20,484</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(965</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left><B>Financing activities</B></TD>

   <TD style= width="8%" noWrap align=center>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Related parties</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 8%">Repayments received</P></TD>

   <TD style= width="8%" noWrap align=center>11</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>-</B></TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>1,423</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Principal payments on lease obligation</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>7</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(156</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(132</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD style= width="8%" noWrap align=center>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 8%">Distribution</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>10</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(3,896</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(3,239</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Cash dividends distributed</P></TD>

   <TD style= width="8%" noWrap align=center>8(c)</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>(2,202</B></TD>

   <TD style= width="2%" noWrap align=left><B>)</B></TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>(2,178</TD>

   <TD style= width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left>

   <P style="MARGIN-LEFT: 4%">Proceeds from issuance of common shares</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>754</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>832</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="64%" align=left><B>Net cash used in financing activities</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(5,500</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(3,294</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left><B>Effect of exchange rate changes on cash and cash equivalents</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,287</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,364</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left><B>&nbsp;</B></TD>

   <TD style= width="8%" noWrap align=center></TD>

   <TD style= width="2%" noWrap align=right></TD>

   <TD style= width="10%" noWrap align=right><B></B></TD>

   <TD style= width="2%" noWrap align=left></TD>

   <TD style= width="2%" noWrap align=right></TD>

   <TD style= width="10%" noWrap align=right></TD>

   <TD style= width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left><B>Increase in cash and cash equivalents</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>52,723</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>28,247</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="64%" align=left><B>Cash and cash equivalents, beginning of the period</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>118,735</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>65,777</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="64%" align=left><B>Cash and cash equivalents, end of the period</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>171,458</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>94,024</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="64%" align=left><B>Supplementary cash flow information</B></TD>

   <TD style= width="8%" noWrap align=center>18</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center">See accompanying notes to the condensed consolidated interim financial statements</P>

<P style="TEXT-ALIGN: right">4</P></DIV><BR>

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<BR>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Condensed Consolidated Interim Statements of Changes in Equity</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars, except numbers for share figures)</I></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style= width="15%"></TD>

   <TD style= width="4%"></TD>

   <TD style= width="8%"></TD>

   <TD style= width="1%"></TD>

   <TD style= width="7%"></TD>

   <TD style= width="1%"></TD>

   <TD style= width="1%"></TD>

   <TD style= width="1%"></TD>

   <TD style= width="7%"></TD>

   <TD style= width="1%"></TD>

   <TD style= width="1%"></TD>

   <TD style= width="7%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="7%"></TD>

   <TD style= width="1%"></TD>

   <TD style= width="1%"></TD>

   <TD style= width="7%"></TD>

   <TD style= width="1%"></TD>

   <TD style= width="1%"></TD>

   <TD style= width="7%"></TD>

   <TD style= width="1%"></TD>

   <TD style= width="1%"></TD>

   <TD style= width="7%"></TD>

   <TD style= width="1%"></TD>

   <TD style= width="1%"></TD>

   <TD style= width="7%"></TD>

   <TD style= width="1%"></TD></TR>

<TR vAlign=bottom>

   <TD style= width="15%" noWrap align=left>&nbsp;</TD>

   <TD style= width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" colSpan=3 noWrap align=center>Share capital</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" colSpan=2 noWrap align=right>Equity reserves</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="7%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="7%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="7%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="7%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= width="15%" noWrap align=left>&nbsp;</TD>

   <TD style= width="4%" noWrap align=left>&nbsp;</TD>

   <TD style= width="8%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right></TD>

   <TD style= width="1%" noWrap align=right></TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>Share</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="7%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="7%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="7%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="7%" align=right>Total equity attributable</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="7%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="7%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= width="15%" noWrap align=left>&nbsp;</TD>

   <TD style= width="4%" noWrap align=left>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right>Number of</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right></TD>

   <TD style= width="1%" noWrap align=right></TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>option</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="7%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>Accumulated other</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>Retained</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="7%" align=right>to the equity holders of</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>Non-controlling</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="7%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="15%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=center>Notes</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right>shares</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="7%" noWrap align=right>Amount</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="7%" noWrap align=right>reserve</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="7%" noWrap align=right>Reserves</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="7%" noWrap align=right>comprehensive loss</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="7%" noWrap align=right>earnings</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="7%" noWrap align=right>the Company</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="7%" noWrap align=right>interests</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="7%" noWrap align=right>Total equity</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="15%" align=left>Balance, April 1, 2020</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>173,816,834</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>243,926</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>15,038</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>25,409</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>(61,589</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>145,898</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>368,682</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>70,290</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>438,972</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="15%" align=left>Options exercised</TD>

   <TD style= width="4%" noWrap align=center>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right>465,006</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>1,122</TD>

   <TD style= width="1%" noWrap align=right></TD>

   <TD style= width="1%" noWrap align=right></TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>(291</TD>

   <TD style= width="1%" noWrap align=left>)</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>831</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>831</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="15%" align=left>Restricted share units vested</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>7,625</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>27</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>(27</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="15%" align=left>Share-based compensation</TD>

   <TD style= width="4%" noWrap align=center>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=right></TD>

   <TD style= width="1%" noWrap align=right></TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>723</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>723</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>723</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="15%" align=left>Dividends declared</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>(2,178</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>(2,178</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>(2,178</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="15%" align=left>Distribution to non-controlling interests</TD>

   <TD style= width="4%" noWrap align=center>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=right></TD>

   <TD style= width="1%" noWrap align=right></TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>(3,239</TD>

   <TD style= width="1%" noWrap align=left>)</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>(3,239</TD>

   <TD style= width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="15%" align=left>Comprehensive income</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>16,467</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>15,491</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>31,958</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>3,264</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>35,222</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="15%" align=left>Balance, June 30, 2020</TD>

   <TD style= width="4%" noWrap align=center>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right>174,289,465</TD>

   <TD style= width="1%" noWrap align=right>$</TD>

   <TD style= width="7%" noWrap align=right>245,075</TD>

   <TD style= width="1%" noWrap align=right></TD>

   <TD style= width="1%" noWrap align=right></TD>

   <TD style= width="1%" noWrap align=right>$</TD>

   <TD style= width="7%" noWrap align=right>15,443</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>$</TD>

   <TD style= width="7%" noWrap align=right>25,409</TD>

   <TD style= width="2%" noWrap align=right>$</TD>

   <TD style= width="7%" noWrap align=right>(45,122</TD>

   <TD style= width="1%" noWrap align=left>)</TD>

   <TD style= width="1%" noWrap align=right>$</TD>

   <TD style= width="7%" noWrap align=right>159,211</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>$</TD>

   <TD style= width="7%" noWrap align=right>400,016</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>$</TD>

   <TD style= width="7%" noWrap align=right>70,315</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>$</TD>

   <TD style= width="7%" noWrap align=right>470,331</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="15%" align=left>Options exercised</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>1,088,332</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>3,702</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>(995</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>2,707</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>2,707</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="15%" align=left>Restricted share units vested</TD>

   <TD style= width="4%" noWrap align=center>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right>364,747</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>1,422</TD>

   <TD style= width="1%" noWrap align=right></TD>

   <TD style= width="1%" noWrap align=right></TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>(1,422</TD>

   <TD style= width="1%" noWrap align=left>)</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="15%" align=left>Share-based compensation</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>3,584</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>3,584</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>3,584</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="15%" align=left>Dividends declared</TD>

   <TD style= width="4%" noWrap align=center>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=right></TD>

   <TD style= width="1%" noWrap align=right></TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>(2,190</TD>

   <TD style= width="1%" noWrap align=left>)</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>(2,190</TD>

   <TD style= width="1%" noWrap align=left>)</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>(2,190</TD>

   <TD style= width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="15%" align=left>Acquisition of La Yesca</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>9,250</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>9,250</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="15%" align=left>Contribution from non-controlling interests</TD>

   <TD style= width="4%" noWrap align=center>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=right></TD>

   <TD style= width="1%" noWrap align=right></TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>2,500</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>2,500</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="15%" align=left>Comprehensive income</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>32,572</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>30,885</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>63,457</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>16,089</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>79,546</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="15%" align=left><B>Balance, March 31, 2021</B></TD>

   <TD style= width="4%" noWrap align=center>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right><B>175,742,544</B></TD>

   <TD style= width="1%" noWrap align=right><B>$</B></TD>

   <TD style= width="7%" noWrap align=right><B>250,199</B></TD>

   <TD style= width="1%" noWrap align=right><B></B></TD>

   <TD style= width="1%" noWrap align=right><B></B></TD>

   <TD style= width="1%" noWrap align=right><B>$</B></TD>

   <TD style= width="7%" noWrap align=right><B>16,610</B></TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right><B>$</B></TD>

   <TD style= width="7%" noWrap align=right><B>25,409</B></TD>

   <TD style= width="2%" noWrap align=right><B>$</B></TD>

   <TD style= width="7%" noWrap align=right><B>(12,550</B></TD>

   <TD style= width="1%" noWrap align=left><B>)</B></TD>

   <TD style= width="1%" noWrap align=right><B>$</B></TD>

   <TD style= width="7%" noWrap align=right><B>187,906</B></TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right><B>$</B></TD>

   <TD style= width="7%" noWrap align=right><B>467,574</B></TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right><B>$</B></TD>

   <TD style= width="7%" noWrap align=right><B>98,154</B></TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right><B>$</B></TD>

   <TD style= width="7%" noWrap align=right><B>565,728</B></TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="15%" align=left>Options exercised</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>283,333</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>1,003</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>(249</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>754</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>754</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="15%" align=left>Restricted share units vested</TD>

   <TD style= width="4%" noWrap align=center>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right>109,086</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>603</TD>

   <TD style= width="1%" noWrap align=right></TD>

   <TD style= width="1%" noWrap align=right></TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>(603</TD>

   <TD style= width="1%" noWrap align=left>)</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="15%" align=left>Share-based compensation</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>2,104</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>2,104</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>2,104</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="15%" align=left>Dividends declared</TD>

   <TD style= width="4%" noWrap align=center>8(c)</TD>

   <TD style= width="8%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=right></TD>

   <TD style= width="1%" noWrap align=right></TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>(2,202</TD>

   <TD style= width="1%" noWrap align=left>)</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>(2,202</TD>

   <TD style= width="1%" noWrap align=left>)</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>(2,202</TD>

   <TD style= width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="15%" align=left>Distribution to non-controlling interests</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=center>10</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>(3,896</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>(3,896</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="15%" align=left>Contribution to reserves</TD>

   <TD style= width="4%" noWrap align=left>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=right></TD>

   <TD style= width="1%" noWrap align=right></TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>425</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>(425</TD>

   <TD style= width="1%" noWrap align=left>)</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD>

   <TD style= width="1%" noWrap align=right>&nbsp;</TD>

   <TD style= width="7%" noWrap align=right>-</TD>

   <TD style= width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="15%" align=left>Comprehensive income</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>10,553</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>12,212</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>22,765</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>4,921</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="7%" noWrap align=right>27,686</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top width="15%" align=left><B>Balance, June 30, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>176,134,963</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="7%" noWrap align=right><B>251,805</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="7%" noWrap align=right><B>17,862</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="7%" noWrap align=right><B>25,834</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="7%" noWrap align=right><B>(1,997</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="7%" noWrap align=right><B>197,491</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="7%" noWrap align=right><B>490,995</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="7%" noWrap align=right><B>99,179</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="7%" noWrap align=right><B>590,174</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center">See accompanying notes to the condensed consolidated interim financial statements</P>

<P style="TEXT-ALIGN: right">5</P></DIV><BR>

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<BR>

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   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at June 30, 2021 and for</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>three months ended June 30, 2021 and 2020</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars, except numbers for share and per share figures or otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>1.</B></TD>

   <TD noWrap align=left><B>CORPORATE INFORMATION</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Silvercorp Metals Inc., along with its subsidiary companies (collectively the &#8220;Company&#8221;), is engaged in the acquisition, exploration, development, and mining of mineral properties. The Company&#8217;s producing mines are located in China, and current exploration and development projects are located in Mexico.</P>

<P style="TEXT-ALIGN: justify">The Company is a publicly listed company incorporated in the Province of British Columbia, Canada, with limited liability under the legislation of the Province of British Columbia. The Company&#8217;s shares are traded on the Toronto Stock Exchange and NYSE American.</P>

<P style="TEXT-ALIGN: justify">The head office, registered address and records office of the Company are located at 1066 West Hastings Street, Suite 1750, Vancouver, British Columbia, Canada, V6E 3X1.</P>

<P style="TEXT-ALIGN: justify">Operating results for the three months ended June 30, 2021, are not necessarily indicative of the results that may be expected for the year ending March 31, 2022.</P>

<DIV align=left>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>2.</B></TD>

   <TD noWrap align=left><B>SIGNIFICANT ACCOUNTING POLICIES</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(a)Statement of Compliance</I></P>

<P style="TEXT-ALIGN: justify">These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34 &#8211; <I>Interim Financial Reporting (&#8220;IAS 34&#8221;) </I>of the International Financial Reporting Standards (&#8220;IFRS&#8221;) as issued by the International Accounting Standards Board (&#8220;IASB&#8221;). These condensed consolidated interim financial statements should be read in conjunction with the Company&#8217;s audited consolidated financial statements for the year ended March 31, 2021. These condensed consolidated interim financial statements follow the same significant accounting policies set out in note 2 to the audited consolidated financial statements for the year ended March 31, 2021 except for the following: Property, Plant and Equipment: Proceeds before Intended Use &#8211; Amendments to <I>IAS 16</I></P>

<P style="TEXT-ALIGN: justify">In May 2020, the IASB issued <I>Property, Plant and Equipment &#8212; Proceeds before Intended Use</I>, which prohibits entities deducting from the cost of an item of property, plant and equipment, any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the costs of producing those items, in profit or loss. The amendment is effective for annual reporting periods beginning on or after January 1, 2022 and must be applied retrospectively to items of property, plant and equipment made available for use on or after the beginning of the earliest period presented when the entity first applies the amendment.</P>

<P style="TEXT-ALIGN: justify">The Company adopted this amendment on April 1, 2021 without any material impact.</P>

<P style="TEXT-ALIGN: justify">These condensed consolidated interim financial statements were authorized for issue in accordance with a resolution of the Board of Directors dated August 4, 2021.</P>

<P style="TEXT-ALIGN: right">6</P></DIV><BR>

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<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at June 30, 2021 and for</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>three months ended June 30, 2021 and 2020</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars, except numbers for share and per share figures or otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(b)Basis of Consolidation</I></P>

<P style="TEXT-ALIGN: justify">These condensed consolidated interim financial statements include the accounts of the Company and its wholly or partially owned subsidiaries.</P>

<P style="TEXT-ALIGN: justify">Subsidiaries are consolidated from the date on which the Company obtains control up to the date of the disposition of control. Control is achieved when the Company has power over the subsidiary, is exposed or has rights to variable returns from its involvement with the subsidiary and has the ability to use its power to affect its returns.</P>

<P style="TEXT-ALIGN: justify">For non-wholly owned subsidiaries over which the Company has control, the net assets attributable to outside equity shareholders are presented as &#8220;non-controlling interests&#8221; in the equity section of the consolidated balance sheets. Net income for the period that is attributable to the non-controlling interests is calculated based on the ownership of the non-controlling interest shareholders in the subsidiary. Adjustments to recognize the non-controlling interests&#8217; share of changes to the subsidiary&#8217;s equity are made even if this results in the non-controlling interests having a deficit balance. Changes in the Company&#8217;s ownership interest in a subsidiary that do not result in a loss of control are recorded as equity transactions. The carrying amount of non-controlling interests is adjusted to reflect the change in the non-controlling interests&#8217; relative interests in the subsidiary and the difference between the adjustment to the carrying amount of non-controlling interest and the Company&#8217;s share of proceeds received and/or consideration paid is recognized directly in equity and attributed to equity holders of the Company.</P>

<P style="TEXT-ALIGN: justify">Balances, transactions, revenues and expenses between the Company and its subsidiaries are eliminated on consolidation.</P>

<P style="TEXT-ALIGN: justify">Details of the Company&#8217;s significant subsidiaries which are consolidated are as follows:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 16%"></TD>

   <TD style="WIDTH: 17%"></TD>

   <TD style="WIDTH: 16%"></TD>

   <TD style="WIDTH: 17%"></TD>

   <TD style="WIDTH: 17%"></TD>

   <TD style="WIDTH: 16%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 17%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 34%" colSpan=2 noWrap align=center>Proportion of ownership interest held</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 17%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 16%" noWrap align=center>Country of</TD>

   <TD style="WIDTH: 17%" noWrap align=center><B>June 30,</B></TD>

   <TD style="WIDTH: 17%" noWrap align=center>March 31,</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=left>Name of subsidiaries</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" noWrap align=center>Principal activity</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=center>&nbsp;incorporation</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" noWrap align=center><B>2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" noWrap align=center>2021</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=center>Mineral properties</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="16%" align=left>Silvercorp Metals China Inc.</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=center>Holding company</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>Canada</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=center><B>100%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=center>100%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="16%" align=left>Silvercorp Metals (China) Inc.</TD>

   <TD style="WIDTH: 17%" noWrap align=center>Holding company</TD>

   <TD style="WIDTH: 16%" noWrap align=center>China</TD>

   <TD style="WIDTH: 17%" noWrap align=center><B>100%</B></TD>

   <TD style="WIDTH: 17%" noWrap align=center>100%</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="16%" align=left>0875786 B.C. LTD.</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=center>Holding company</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>Canada</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=center><B>100%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=center>100%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="16%" align=left>Fortune Mining Limited</TD>

   <TD style="WIDTH: 17%" noWrap align=center>Holding company</TD>

   <TD style="WIDTH: 16%" noWrap align=center>BVI (i)</TD>

   <TD style="WIDTH: 17%" noWrap align=center><B>100%</B></TD>

   <TD style="WIDTH: 17%" noWrap align=center>100%</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="16%" align=left>Fortune Copper Limited</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=center>Holding company</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>BVI</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=center><B>100%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=center>100%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="16%" align=left>Fortune Gold Mining Limited</TD>

   <TD style="WIDTH: 17%" noWrap align=center>Holding company</TD>

   <TD style="WIDTH: 16%" noWrap align=center>BVI</TD>

   <TD style="WIDTH: 17%" noWrap align=center><B>100%</B></TD>

   <TD style="WIDTH: 17%" noWrap align=center>100%</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="16%" align=left>Victor Resources Ltd.</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=center>Holding company</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>BVI</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=center><B>100%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=center>100%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="16%" align=left>Yangtze Mining Ltd.</TD>

   <TD style="WIDTH: 17%" noWrap align=center>Holding company</TD>

   <TD style="WIDTH: 16%" noWrap align=center>BVI</TD>

   <TD style="WIDTH: 17%" noWrap align=center><B>100%</B></TD>

   <TD style="WIDTH: 17%" noWrap align=center>100%</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="16%" align=left>Victor Mining Ltd.</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=center>Holding company</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>BVI</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=center><B>100%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=center>100%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="16%" align=left>Yangtze Mining (H.K.) Ltd.</TD>

   <TD style="WIDTH: 17%" noWrap align=center>Holding company</TD>

   <TD style="WIDTH: 16%" noWrap align=center>Hong Kong</TD>

   <TD style="WIDTH: 17%" noWrap align=center><B>100%</B></TD>

   <TD style="WIDTH: 17%" noWrap align=center>100%</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="16%" align=left>Fortune Gold Mining (H.K.) Limited</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=center>Holding company</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>Hong Kong</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=center><B>100%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=center>100%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="16%" align=left>Wonder Success Limited</TD>

   <TD style="WIDTH: 17%" noWrap align=center>Holding company</TD>

   <TD style="WIDTH: 16%" noWrap align=center>Hong Kong</TD>

   <TD style="WIDTH: 17%" noWrap align=center><B>100%</B></TD>

   <TD style="WIDTH: 17%" noWrap align=center>100%</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="16%" align=left>New Infini Silver Inc. ("New Infini")</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=center>Holding company</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>Canada</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=center><B>43.8%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=center>43.8%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="16%" align=left>Infini Metals Inc.</TD>

   <TD style="WIDTH: 17%" noWrap align=center>Holding company</TD>

   <TD style="WIDTH: 16%" noWrap align=center>BVI</TD>

   <TD style="WIDTH: 17%" noWrap align=center><B>43.8%</B></TD>

   <TD style="WIDTH: 17%" noWrap align=center>43.8%</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="16%" align=left>Infini Resources (Asia) Co. Ltd.</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=center>Holding company</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>Hong Kong</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=center><B>43.8%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=center>43.8%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="16%" align=left>Golden Land (Asia) Ltd.</TD>

   <TD style="WIDTH: 17%" noWrap align=center>Holding company</TD>

   <TD style="WIDTH: 16%" noWrap align=center>Hong Kong</TD>

   <TD style="WIDTH: 17%" noWrap align=center><B>43.8%</B></TD>

   <TD style="WIDTH: 17%" noWrap align=center>43.8%</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="16%" align=left>Henan Huawei Mining Co. Ltd. ("Henan Huawei")</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=center>Mining</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>China</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=center><B>80%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=center>80%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>Ying Mining District</TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="16%" align=left>Henan Found Mining Co. Ltd. ("Henan Found")</TD>

   <TD style="WIDTH: 17%" noWrap align=center>Mining</TD>

   <TD style="WIDTH: 16%" noWrap align=center>China</TD>

   <TD style="WIDTH: 17%" noWrap align=center><B>77.5%</B></TD>

   <TD style="WIDTH: 17%" noWrap align=center>77.5%</TD>

   <TD style="WIDTH: 16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="16%" align=left>Xinshao Yunxiang Mining Co., Ltd. ("Yunxiang")</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=center>Mining</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>China</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=center><B>70%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=center>70%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>BYP</TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="16%" align=left>Guangdong Found Mining Co. Ltd. ("Guangdong Found")</TD>

   <TD style="WIDTH: 17%" noWrap align=center>Mining</TD>

   <TD style="WIDTH: 16%" noWrap align=center>China</TD>

   <TD style="WIDTH: 17%" noWrap align=center><B>99%</B></TD>

   <TD style="WIDTH: 17%" noWrap align=center>99%</TD>

   <TD style="WIDTH: 16%" noWrap align=center>GC</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="16%" align=left>Infini Resources S.A. de C.V.</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=center>Mining</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>Mexico</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=center><B>43.8%</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="17%" noWrap align=center>43.8%</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=center>La Yesca</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 99%" colSpan=6 noWrap align=left>(i) British Virgin Islands ("BVI")</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">7</P></DIV><BR>

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   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at June 30, 2021 and for</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>three months ended June 30, 2021 and 2020</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars, except numbers for share and per share figures or otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(c) Significant Accounting Judgments and Estimates</I></P>

<P style="TEXT-ALIGN: justify">These condensed consolidated interim financial statements follow the same significant accounting judgments and estimates set out in note 2 to the audited consolidated financial statements for the year ended March 31, 2021.</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>3.</B></TD>

   <TD noWrap align=left><B>INVESTMENT IN ASSOCIATES</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><I>(a) </I>Investment in New Pacific Metals Corp.</P>

<P style="TEXT-ALIGN: justify">New Pacific Metals Corp. (&#8220;NUAG&#8221;) is a Canadian public company listed on the Toronto Stock Exchange (symbol: NUAG) and NYSE American (symbol: NEWP). NUAG is a related party of the Company by way of two common directors and one common officer, and the Company accounts for its investment in NUAG using the equity method as it is able to exercise significant influence over the financial and operating policies of NUAG.</P>

<P style="TEXT-ALIGN: justify">As at June 30, 2021, the Company owned 43,917,216 common shares of NUAG (March 31, 2021 &#8211;43,917,216), representing an ownership interest of 28.4% (March 31, 2021 &#8211; 28.6%). The summary of the investment in NUAG common shares and its market value as at the respective balance sheet dates are as follows:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style= width="66%"></TD>

   <TD style= width="8%"></TD>

   <TD style= width="4%"></TD>

   <TD style= width="8%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="8%"></TD>

   <TD style= width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style= width="66%" noWrap align=left>&nbsp;</TD>

   <TD style= width="8%" noWrap align=left>&nbsp;</TD>

   <TD style= width="4%" noWrap align=left>&nbsp;</TD>

   <TD style= width="8%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right>Value of NUAG's</TD>

   <TD style= width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style= width="66%" noWrap align=left>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right>Number of</TD>

   <TD style= width="4%" noWrap align=left>&nbsp;</TD>

   <TD style= width="8%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right>common shares per</TD>

   <TD style= width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="66%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>shares</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center>Amount</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>quoted market price</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="66%" align=left>Balance April 1, 2020</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>42,596,506</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>44,555</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>148,624</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="66%" align=left>Participation in public offering</TD>

   <TD style= width="8%" noWrap align=right>1,320,710</TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right>5,805</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="8%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="66%" align=left>WHG Spin-out</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(1,793</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="66%" align=left>Share of net loss</TD>

   <TD style= width="8%" noWrap align=left>&nbsp;</TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right>(1,672</TD>

   <TD style= width="2%" noWrap align=left>)</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="8%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="66%" align=left>Share of other comprehensive loss</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(2,324</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="66%" align=left>Foreign exchange impact</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>5,828</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="66%" align=left><B>Balance March 31, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>43,917,216</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>50,399</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>181,257</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="66%" align=left>Share of net loss</TD>

   <TD style= width="8%" noWrap align=left>&nbsp;</TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="8%" noWrap align=right>(260</TD>

   <TD style= width="2%" noWrap align=left>)</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="8%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="66%" align=left>Share of other comprehensive income</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>3,605</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="66%" align=left>Foreign exchange impact</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>707</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="66%" align=left><B>Balance June 30, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>43,917,216</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>54,451</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>211,188</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>&nbsp;</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><I>(b) </I>Investment in Whitehorse Gold Corp.</P>

<P style="TEXT-ALIGN: justify">Whitehorse Gold Corp. (&#8220;WHG&#8221;) is a Canadian public company listed on the TSX Venture Exchange (symbol: WHG). The Company accounts for its investment in WHG using the equity method as it is able to exercise significant influence over the financial and operating policies of WHG.</P>

<P style="TEXT-ALIGN: justify">On May 14, 2021, the Company participated in a brokered private placement of WHG and purchased 4,000,000 units at a cost of $4,960. Each unit consisted of one WHG common share and one common share purchase warrant with exercise price of CAD$2 which expires on May 14, 2026.</P>

<P style="TEXT-ALIGN: right">8</P></DIV><BR>

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<BR>

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   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at June 30, 2021 and for</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>three months ended June 30, 2021 and 2020</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars, except numbers for share and per share figures or otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">As at June 30, 2021, the Company owned 15,514,285 common shares of WHG (March 31, 2021 &#8211;11,514,285), representing an ownership interest of 29.5% (March 31, 2021 &#8211; 27.0%). The summary of the investment in WHG common shares and its market value as at the respective balance sheet dates are as follows:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 62%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 62%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>Value of WHG's</TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 62%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>Number of</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>common shares per</TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="62%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right>shares</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center>Amount</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>quoted market price</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="62%" align=left><B>Balance April 1, 2020</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="62%" align=left>Distributed under WHG spin-out</TD>

   <TD style="WIDTH: 8%" noWrap align=right>5,740,285</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>1,793</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="62%" align=left>Participation in private placement</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>5,774,000</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,326</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="62%" align=left>Share of net loss</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(174</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="62%" align=left>Foreign exchange impact</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>113</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top width="62%" align=left><B>Balance March 31, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>11,514,285</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>3,058</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>15,108</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="62%" align=left>Participation in private placement</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>4,000,000</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>4,960</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="62%" align=left>Share of net loss</TD>

   <TD style="WIDTH: 8%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(136</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="62%" align=left>Foreign exchange impact</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(73</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top width="62%" align=left><B>Balance June 30, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>15,514,285</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>7,809</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>18,776</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>&nbsp;</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>4.</B></TD>

   <TD noWrap align=left><B>OTHER INVESTMENTS</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

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<TR>

   <TD style="WIDTH: 72%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>June 30, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=right>March 31, 2021</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="72%" align=left><B>Equity investments designated as FVTOCI</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="72%" align=left>

   <P style="MARGIN-LEFT: 4%">Public companies</P></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>2,749</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>2,966</TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="72%" align=left>

   <P style="MARGIN-LEFT: 4%">Private companies</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>2,322</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,289</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="72%" align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>5,071</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>5,255</TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="72%" align=left><B>Equity investments designated as FVTPL</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="72%" align=left>

   <P style="MARGIN-LEFT: 4%">Public companies</P></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>10,529</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>10,478</TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="72%" align=left>

   <P style="MARGIN-LEFT: 4%">Private companies</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,982</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="72%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>12,511</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>10,478</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="72%" align=left><B>Total</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>17,582</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>15,733</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Investments in publicly traded companies represent equity interests of other publicly-trading mining companies that the Company has acquired through the open market or through private placements. Investment in equity instruments that are held for trading are classified as FVTPL. For other investment in equity instruments, the Company can make an irrevocable election, on an instrument-by-instrument basis, to designate them as FVTOCI.</P>

<P style="TEXT-ALIGN: right">9</P></DIV><BR>

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<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at June 30, 2021 and for</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>three months ended June 30, 2021 and 2020</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars, except numbers for share and per share figures or otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The continuity of such investments is as follows:</P>

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<TR>

   <TD style="WIDTH: 58%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>Accumulated fair</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>Accumulated fair</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>value change</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>value change</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>Fair Value</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>included in OCI</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>included in P&amp;L</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>April 1, 2020</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>8,750</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(34,879</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Gain on equity investments designated as FVTOCI</P></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>12,069</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>12,069</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Gain on equity investments designated as FVTPL</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>7,188</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>7,188</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Acquisition</P></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>12,708</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Disposal</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(19,301</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Reclassified to short-term investments</P></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(7,511</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Impact of foreign currency translation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,830</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left><B>March 31, 2021</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>15,733</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>(22,810</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>7,188</B></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Gain on equity investments designated as FVTOCI</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>495</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>495</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Gain on equity investments designated as FVTPL</P></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(722</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(722</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Acquisition</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,611</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Disposal</P></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(769</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Impact of foreign currency translation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>234</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="58%" noWrap align=left><B>June 30, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>17,582</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>(22,315</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>6,466</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>5.</B></TD>

   <TD noWrap align=left><B>PLANT AND EQUIPMENT</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Plant and equipment consist of:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 28%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 8%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 28%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=center><B></B></TD>

   <TD width="8%" noWrap align=center><B>Land use rights</B>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center><B>Office</B></TD>

   <TD style="WIDTH: 2%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center><B>Motor</B></TD>

   <TD style="WIDTH: 2%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 8%" align=center><B>Construction</B></TD>

   <TD style="WIDTH: 2%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left><B>Cost</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=center><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center>&nbsp;<B>and building</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center><B>equipment</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center><B>Machinery</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center><B>vehicles</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><B>in progress</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center><B>Total</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="28%" align=left>Balance as at April 1, 2020</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>96,454</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>8,010</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>25,800</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>6,416</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>2,136</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>138,816</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="28%" align=left>

   <P style="MARGIN-LEFT: 4%">Additions</P></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>182</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>864</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>1,117</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>1,059</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>7,189</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>10,411</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="28%" align=left>

   <P style="MARGIN-LEFT: 4%">Disposals</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(205</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(250</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(291</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(480</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(1,226</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="28%" align=left>

   <P style="MARGIN-LEFT: 4%">Reclassification of asset groups<SUP>(1)</SUP></P></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>5,579</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>325</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>2,221</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(8,125</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="28%" align=left>

   <P style="MARGIN-LEFT: 4%">Impact of foreign currency translation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>8,141</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>711</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>2,227</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>542</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>142</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>11,763</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="28%" align=left>Balance as at March 31, 2021</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>110,151</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>9,660</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>31,074</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>7,537</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>1,342</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>159,764</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="28%" align=left>

   <P style="MARGIN-LEFT: 4%">Additions</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>30</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>407</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>180</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>127</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>301</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>1,045</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="28%" align=left>

   <P style="MARGIN-LEFT: 4%">Disposals</P></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(219</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(31</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(176</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(10</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(436</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="28%" align=left>

   <P style="MARGIN-LEFT: 4%">Reclassification of asset groups<SUP>(1)</SUP></P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>131</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(131</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="28%" align=left>

   <P style="MARGIN-LEFT: 4%">Impact of foreign currency translation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>1,611</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>134</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>460</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>110</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>17</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>2,332</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="28%" align=left><B>Ending balance as at June 30, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>111,704</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>10,170</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>31,538</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>7,764</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>1,529</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>162,705</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="28%" align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 8%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD>

   <TD style="WIDTH: 8%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="28%" align=left><B>Impairment, accumulated depreciation and amortization</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="28%" align=left>Balance as at April 1, 2020</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(43,987</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(5,375</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(18,168</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(4,564</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(72,094</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="28%" align=left>

   <P style="MARGIN-LEFT: 4%">Disposals</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>90</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>228</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>176</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>388</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>882</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="28%" align=left>

   <P style="MARGIN-LEFT: 4%">Depreciation and amortization</P></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(3,921</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(630</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(1,629</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(496</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(6,676</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="28%" align=left>

   <P style="MARGIN-LEFT: 4%">Impact of foreign currency translation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(3,752</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(469</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(1,550</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(376</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(6,147</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="28%" align=left>Balance as at March 31, 2021</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(51,570</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(6,246</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(21,171</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(5,048</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(84,035</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="28%" align=left>

   <P style="MARGIN-LEFT: 4%">Disposals</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>124</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>28</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>156</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>9</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>317</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="28%" align=left>

   <P style="MARGIN-LEFT: 4%">Depreciation and amortization</P></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(1,084</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(201</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(517</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(150</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 8%" noWrap align=right>(1,952</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="28%" align=left>

   <P style="MARGIN-LEFT: 4%">Impact of foreign currency translation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(752</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(87</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(313</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(74</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(1,226</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top width="28%" align=left><B>Ending balance as at June 30, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>(53,282</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>(6,506</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>(21,845</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>(5,263</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>(86,896</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="28%" align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="28%" align=left><B>Carrying amounts</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="28%" align=left>Balance as at March 31, 2021</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>58,581</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>3,414</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>9,903</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>2,489</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>1,342</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>75,729</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top width="28%" align=left><B>Ending balance as at June 30, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>58,422</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>3,664</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>9,693</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>2,501</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>1,529</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>75,809</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width="100%" colSpan=19 align=left><SUP>(1)</SUP> When an asset is available for use, it is reclassified from construction in progress to one of the appropriate plant and equipment categories.</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">10</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<BR>

<!--$$/page=--><A name="page_12"></A><BR>

<a name="_bclPageBorder12"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at June 30, 2021 and for</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>three months ended June 30, 2021 and 2020</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars, except numbers for share and per share figures or otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 30%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="30%" noWrap align=left><B>Carrying amounts as at June 30, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=right><B>Ying Mining District</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>BYP</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>GC</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>Other</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>Total</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>Land use rights and building</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>41,146</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>3,016</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>12,352</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,908</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>58,422</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left>Office equipment</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>2,872</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>18</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>440</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>334</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>3,664</TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>Machinery</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>7,007</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>197</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,489</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>9,693</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left>Motor vehicles</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>1,923</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>19</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>345</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>214</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>2,501</TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>Construction in progress</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>953</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>541</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>35</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,529</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="30%" noWrap align=left><B>Total</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>53,901</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>3,791</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>15,661</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>2,456</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>75,809</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" width="30%" noWrap align=left><B></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="4%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="4%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="4%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="4%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="30%" noWrap align=left>Carrying amounts as at March 31, 2021</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=right>Ying Mining District</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>BYP</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>GC</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>Other</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>Total</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>Land use rights and building</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>41,177</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>3,047</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>12,369</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,988</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>58,581</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left>Office equipment</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>2,647</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>20</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>448</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>299</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>3,414</TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>Machinery</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>7,114</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>213</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,576</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>9,903</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 30%" noWrap align=left>Motor vehicles</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>1,917</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>20</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>359</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>193</TD>

   <TD style="WIDTH: 4%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>2,489</TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="30%" noWrap align=left>Construction in progress</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>796</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>533</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>13</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,342</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="30%" noWrap align=left>Total</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>53,651</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>3,833</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>15,765</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>2,480</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>75,729</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">During the three months ended June 30, 2021, certain plant and equipment were disposed for proceeds of $34 (three months ended June 30, 2020 - $1) and loss of $85 (three months ended June 30, 2020 - loss of $192).</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>6.</B></TD>

   <TD noWrap align=left><B>MINERAL RIGHTS AND PROPERTIES</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Mineral rights and properties consist of:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 26%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" colSpan=7 noWrap align=center><B>Producing and development properties</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B>Exploration and evaluation</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="26%" noWrap align=left><B>Cost</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=right><B>Ying Mining District</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>BYP</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>GC</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>La Yesca</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp; </TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>Total</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="26%" align=left>Balance as at April 1, 2020</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>293,136</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>63,572</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>103,311</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>460,019</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" vAlign=top align=left>

   <P style="MARGIN-LEFT: 4%">Capitalized expenditures</P></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>31,138</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>30</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>3,890</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>87</TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>35,145</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="26%" align=left>

   <P style="MARGIN-LEFT: 4%">Acquisition (Note 3)</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>16,660</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>16,660</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" vAlign=top align=left>

   <P style="MARGIN-LEFT: 4%">Environmental rehabiliation</P></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(1,268</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(135</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(207</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(1,610</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="26%" align=left>

   <P style="MARGIN-LEFT: 4%">Foreign currency translation impact</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>24,994</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,142</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>8,616</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>34,752</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" vAlign=top align=left>Balance as at March 31, 2021</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>348,000</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>64,609</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>115,610</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>16,747</TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>544,966</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="26%" align=left>

   <P style="MARGIN-LEFT: 4%">Capitalized expenditures</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>8,832</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,181</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>114</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>10,127</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="26%" align=left>

   <P style="MARGIN-LEFT: 4%">Foreign currency translation impact</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>5,080</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>219</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>1,688</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>6,987</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="26%" align=left><B>Ending balance as at June 30, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>361,912</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>64,828</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>118,479</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>16,861</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>&nbsp;&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>562,080</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" vAlign=top align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 10%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 10%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 10%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 10%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 10%" noWrap align=left></TD>

   <TD style="WIDTH: 2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="26%" align=left><B>Impairment and accumulated depletion</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" vAlign=top align=left>Balance as at April 1, 2020</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(100,390</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(56,688</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(78,355</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(235,433</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="26%" align=left>

   <P style="MARGIN-LEFT: 4%">Depletion</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(13,921</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(2,419</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(16,340</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="26%" align=left>

   <P style="MARGIN-LEFT: 4%">Foreign currency translation impact</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(8,666</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(576</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(6,522</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(15,764</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="26%" align=left>Balance as at March 31, 2021</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(122,977</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(57,264</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(87,296</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(267,537</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" vAlign=top align=left>

   <P style="MARGIN-LEFT: 4%">Depletion</P></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(3,125</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(848</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(3,973</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="26%" align=left>

   <P style="MARGIN-LEFT: 4%">Foreign currency translation impact</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(1,795</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(112</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(1,275</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(3,182</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top width="26%" align=left><B>Ending balance as at June 30, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>(127,897</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>(57,376</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>(89,419</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>&nbsp;&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>(274,692</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="26%" align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top width="26%" align=left><B>Carrying amounts</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="26%" align=left>Balance as at March 31, 2021</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>225,023</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>7,345</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>28,314</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>16,747</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>277,429</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top width="26%" align=left><B>Ending balance as at June 30, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>234,015</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>7,452</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>29,060</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>16,861</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>&nbsp;&nbsp;</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>287,388</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">11</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<BR>

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<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at June 30, 2021 and for</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>three months ended June 30, 2021 and 2020</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars, except numbers for share and per share figures or otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>7.</B></TD>

   <TD noWrap align=left><B>LEASES</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The following table summarizes changes in the Company&#8217;s lease receivable and lease obligation related to the Company&#8217;s office lease and sublease.</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style= width="72%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=right><B>Lease Receivable</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=right><B>Lease Obligation</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="72%" align=left>Balance, April 1, 2020</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>534</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,069</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="72%" align=left>

   <P style="MARGIN-LEFT: 4%">Interest accrual</P></TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>24</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>95</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="72%" align=left>

   <P style="MARGIN-LEFT: 4%">Interest received or paid</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(24</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(95</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="72%" align=left>

   <P style="MARGIN-LEFT: 4%">Principal repayment</P></TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>(196</TD>

   <TD style= width="2%" noWrap align=left>)</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>(563</TD>

   <TD style= width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="72%" align=left>

   <P style="MARGIN-LEFT: 4%">Foreign exchange impact</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>58</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>235</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top width="72%" align=left><B>Balance, March 31, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>396</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>1,741</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="72%" align=left>

   <P style="MARGIN-LEFT: 4%">Interest accrual</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>5</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>20</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="72%" align=left>

   <P style="MARGIN-LEFT: 4%">Interest received or paid</P></TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>(5</TD>

   <TD style= width="2%" noWrap align=left>)</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>(20</TD>

   <TD style= width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="72%" align=left>

   <P style="MARGIN-LEFT: 4%">Principal repayment</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(54</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(156</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="72%" align=left>

   <P style="MARGIN-LEFT: 4%">Foreign exchange impact</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>6</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>27</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="72%" align=left><B>Balance, June 30, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>348</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,612</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="72%" align=left>

   <P style="MARGIN-LEFT: 4%"><B>Less: current portion</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(216</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(671</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="72%" align=left><B>Non-current portion</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>132</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>941</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The following table presents a reconciliation of the Company&#8217;s undiscounted cash flows to their present value for its lease receivable and lease obligation as at June 30, 2021:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style= width="72%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=right><B>Lease Receivable</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>Lease Obligation</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="72%" align=left>

   <P style="MARGIN-LEFT: 4%">Within 1 year</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>234</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>703</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="72%" align=left>

   <P style="MARGIN-LEFT: 4%">Between 2 to 5 years</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>128</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>1,029</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="72%" align=left><B>Total undiscounted amount</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>362</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,732</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="72%" align=left>

   <P style="MARGIN-LEFT: 4%">Less future interest</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(14</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(120</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="72%" align=left><B>Total discounted amount</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>348</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,612</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="72%" align=left>

   <P style="MARGIN-LEFT: 4%"><B>Less: current portion</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(216</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(671</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="72%" align=left><B>Non-current portion</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>132</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>941</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The lease receivable and lease obligation were discounted using an estimated incremental borrowing rate of 5%.</P>

<P style="TEXT-ALIGN: right">12</P></DIV><BR>

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<BR>

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<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at June 30, 2021 and for</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>three months ended June 30, 2021 and 2020</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars, except numbers for share and per share figures or otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>8.</B></TD>

   <TD noWrap align=left><B>SHARE CAPITAL</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(a) Authorized</I></P>

<P style="TEXT-ALIGN: justify">Unlimited number of common shares without par value. All shares issued as at June 30, 2021 were fully paid.</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(b) Share-based compensation</I></P>

<P style="TEXT-ALIGN: justify">The Company has a share-based compensation plan (the &#8220;Plan&#8221;) which consists of stock options, restricted share units (the &#8220;RSUs&#8221;) and performance share units (the &#8220;PSUs&#8221;). The Plan allows for the maximum number of common shares to be reserved for issuance on any share-based compensation to be a rolling 10% of the issued and outstanding common shares from time to time. Furthermore, no more than 3% of the reserve may be granted in the form of RSUs and PSUs.</P>

<P style="TEXT-ALIGN: justify">For the three months ended June 30, 2021, a total of $2,104, respectively (three months ended June 30, 2020 - $723) in share-based compensation expense was recognized and included in the general and administrative expenses and property evaluation and business development expenses on the condensed consolidated interim statements of income.</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 8%"><I>(i) Stock options</I></P>

<P style="TEXT-ALIGN: justify">The following is a summary of option transactions:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style= width="76%"></TD>

   <TD style= width="8%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style= width="76%" noWrap align=left>&nbsp;</TD>

   <TD style= width="8%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" align=right>Weighted average</TD>

   <TD style= width="2%" align=right></TD></TR>

<TR vAlign=bottom>

   <TD style= width="76%" noWrap align=left>&nbsp;</TD>

   <TD style= width="8%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" align=right>exercise price per</TD>

   <TD style= width="2%" align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="76%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>Number of shares</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>share CAD$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="76%" align=left>Balance, April 1, 2020</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>2,423,760</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>3.00</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="76%" align=left>Option granted</TD>

   <TD style= width="8%" noWrap align=right>1,127,000</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>7.25</TD>

   <TD style= width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="76%" align=left>Options exercised</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(1,553,338</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>3.02</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="76%" align=left>Options forfeited</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(135,004</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>4.52</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="76%" align=left><B>Balance, March 31, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>1,862,418</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>5.45</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="76%" align=left>Options exercised</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(283,333</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>3.27</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="76%" align=left><B>Balance, June 30, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right><B>1,579,085</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>5.84</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>&nbsp;</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">13</P></DIV><BR>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at June 30, 2021 and for</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>three months ended June 30, 2021 and 2020</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars, except numbers for share and per share figures or otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The following table summarizes information about stock options outstanding as at June 30, 2021:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style= width="2%"></TD>

   <TD style= width="14%"></TD>

   <TD style= width="16%"></TD>

   <TD style= width="16%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="14%"></TD>

   <TD style= width="16%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="16%"></TD>

   <TD style= width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="14%" noWrap align=left>&nbsp;</TD>

   <TD style= width="16%" noWrap align=right>Number of</TD>

   <TD style= width="16%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="14%" noWrap align=left>&nbsp;</TD>

   <TD style= width="16%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="16%" noWrap align=right>Weighted</TD>

   <TD style= width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="14%" noWrap align=left>&nbsp;</TD>

   <TD style= width="16%" noWrap align=right>options</TD>

   <TD style= width="16%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="14%" align=right>Weighted average</TD>

   <TD style= width="16%" noWrap align=right>Number of options</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="16%" noWrap align=right>average</TD>

   <TD style= width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="14%" noWrap align=left>&nbsp;</TD>

   <TD style= width="16%" noWrap align=right>outstanding at</TD>

   <TD style= width="16%" noWrap align=right>Weighted average remaining</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="14%" align=right>exercise price in</TD>

   <TD style= width="16%" noWrap align=right>exercisable at</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="16%" align=right>exercise price</TD>

   <TD style= width="2%" align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right>Exercise price in CAD$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=right>June 30, 2021</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=right>contractual life (Years)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>CAD$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=right>June 30, 2021</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=right>in CAD$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>2.60</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right>373,750</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right>0.38</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>2.60</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right>373,750</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right>2.60</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style= width="2%" noWrap align=left>$</TD>

   <TD style= width="14%" noWrap align=right>3.40</TD>

   <TD style= width="16%" noWrap align=right>140,000</TD>

   <TD style= width="16%" noWrap align=right>0.15</TD>

   <TD style= width="2%" noWrap align=right>$</TD>

   <TD style= width="14%" noWrap align=right>3.40</TD>

   <TD style= width="16%" noWrap align=right>140,000</TD>

   <TD style= width="2%" noWrap align=right>$</TD>

   <TD style= width="16%" noWrap align=right>3.40</TD>

   <TD style= width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>5.46</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right>575,335</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right>3.90</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>5.46</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right>183,998</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right>5.46</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>9.45</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=right>490,000</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=right>4.37</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>9.45</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=right>81,669</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=right>9.45</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>$<B>2.60 to $9.45</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right><B>1,579,085</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right><B>2.88</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right><B>5.84</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right><B>779,417</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="16%" noWrap align=right><B>4.14</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>&nbsp;</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Subsequent to June 30, 2021, a total of 15,000 options with exercise prices of CAD$3.40 were exercised.</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 8%"><I>(ii) RSUs</I></P>

<P style="TEXT-ALIGN: justify">The following is a summary of RSUs transactions:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style= width="76%"></TD>

   <TD style= width="8%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style= width="76%" noWrap align=left>&nbsp;</TD>

   <TD style= width="8%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>Weighted average</TD>

   <TD style= width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style= width="76%" noWrap align=left>&nbsp;</TD>

   <TD style= width="8%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>grant date closing</TD>

   <TD style= width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="76%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>Number of shares</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>price per share $CAD</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="76%" align=left>Balance, April 1, 2020</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>677,374</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>4.94</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="76%" align=left>

   <P style="MARGIN-LEFT: 4%">Granted</P></TD>

   <TD style= width="8%" noWrap align=right>1,021,500</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>6.68</TD>

   <TD style= width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="76%" align=left>

   <P style="MARGIN-LEFT: 4%">Cancelled</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(77,166</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>5.82</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="76%" align=left>

   <P style="MARGIN-LEFT: 4%">Distributed</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>(372,372</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>5.05</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="76%" align=left>Balance, March 31, 2021</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>1,249,336</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>6.28</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="76%" align=left>

   <P style="MARGIN-LEFT: 4%">Granted</P></TD>

   <TD style= width="8%" noWrap align=right>1,000,000</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>6.40</TD>

   <TD style= width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="76%" align=left>

   <P style="MARGIN-LEFT: 4%">Distributed</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="8%" noWrap align=right>(109,086</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>6.68</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top width="76%" align=left><B>Balance, June 30, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>2,140,250</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>6.31</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>&nbsp;</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(c) Cash dividends declared</I></P>

<P style="TEXT-ALIGN: justify">During the three months ended June 30, 2021, dividends of $2,202 (three months ended June 30, 2020 -$2,178) were declared and paid.</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>9.</B></TD>

   <TD noWrap align=left><B>ACCUMULATED OTHER COMPREHENSIVE LOSS</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style= width="72%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>June 30, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>March 31, 2021</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="72%" align=left>Change in fair value on equity investments designated as FVTOCI</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>21,833</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>22,328</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="72%" align=left>Share of other comprehensive loss (income) in associate</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>(3,016</B></TD>

   <TD style= width="2%" noWrap align=left><B>)</B></TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>589</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="72%" align=left>Currency translation adjustment</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(16,820</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(10,367</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top width="72%" align=left>Balance, end of the year</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>1,997</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>12,550</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The change in fair value on equity investments designated as FVTOCI, share of other comprehensive income in associates, and currency translation adjustment are net of tax of $nil for all periods presented.</P>

<P style="TEXT-ALIGN: right">14</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<BR>

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<DIV align=left>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at June 30, 2021 and for</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>three months ended June 30, 2021 and 2020</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars, except numbers for share and per share figures or otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>10.</B></TD>

   <TD noWrap align=left><B>NON-CONTROLLING INTERESTS</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The continuity of non-controlling interests is summarized as follows:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style= width="22%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="9%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="9%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="9%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="9%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="9%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="9%"></TD>

   <TD style= width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style= width="22%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="9%" noWrap align=right>Henan</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="9%" noWrap align=right>Henan</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="9%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="9%" noWrap align=right>Guangdong</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="9%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="9%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="22%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=right>Found</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=right>Huawei</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=right>Yunxiang</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=right>Found</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" align=right>New Infini</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=right>Total</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="22%" align=left>Balance, April 1, 2020</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>63,331</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>4,702</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>2,723</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>(466</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>70,290</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="22%" align=left>Share of net income</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="9%" noWrap align=right>13,210</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="9%" noWrap align=right>639</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="9%" noWrap align=right>219</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="9%" noWrap align=right>88</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="9%" noWrap align=right>(23</TD>

   <TD style= width="2%" noWrap align=left>)</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="9%" noWrap align=right>14,133</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="22%" align=left>Share of other comprehensive income</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>4,623</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>480</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>90</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>27</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>5,220</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="22%" align=left>Acquisition of La Yesca</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="9%" noWrap align=right>-</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="9%" noWrap align=right>-</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="9%" noWrap align=right>-</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="9%" noWrap align=right>-</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="9%" noWrap align=right>9,250</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="9%" noWrap align=right>9,250</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="22%" align=left>Contributions</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>2,500</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>2,500</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="22%" align=left>Distributions</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>(2,600</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>(639</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>(3,239</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="22%" align=left>Balance, March 31, 2021</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>78,564</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>5,182</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>3,032</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>(351</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>11,727</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>98,154</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="22%" align=left>Share of net income</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="9%" noWrap align=right>4,068</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="9%" noWrap align=right>47</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="9%" noWrap align=right>(36</TD>

   <TD style= width="2%" noWrap align=left>)</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="9%" noWrap align=right>42</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="9%" noWrap align=right>(101</TD>

   <TD style= width="2%" noWrap align=left>)</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="9%" noWrap align=right>4,020</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="22%" align=left>Share of other comprehensive income</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>777</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>95</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>23</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>6</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>901</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="22%" align=left>Distributions</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>(3,266</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>(630</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>(3,896</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="22%" align=left><B>Balance, June 30, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>80,143</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>4,694</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>3,019</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>(303</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>11,626</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>99,179</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">As at June 30, 2021, non-controlling interests in Henan Found, Henan Huawei, Yunxiang, Guangdong Found and New Infini were 22.5%, 20%, 30%, 1%, and 56.25%, respectively (March 31, 2021 &#8211; 22.5%, 20%, 30%, 1%, and 56.25%, respectively ).</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>11.</B></TD>

   <TD noWrap align=left><B>RELATED PARTY TRANSACTIONS</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Related party transactions are made on terms agreed upon by the related parties. The balances with related parties are unsecured, non-interest bearing, and due on demand. Related party transactions not disclosed elsewhere in the condensed consolidated interim financial statements are as follows:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style= width="72%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="4%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="72%" noWrap align=left><B>Due from related parties</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>June 30, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=right>March 31, 2021</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="72%" align=left>NUAG (a)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>48</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>59</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="72%" align=left>WHG (b)</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>37</B></TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>19</TD>

   <TD style= width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="72%" align=left>Henan Non-ferrous (c)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>789</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>769</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>874</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>847</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD vAlign=top width="4%" noWrap>(a)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>The Company recovers costs for services rendered to NUAG and expenses incurred on behalf of NUAG pursuant to a services and administrative costs reallocation agreement. During the three months ended June 30, 2021, the Company recovered $163 (three months ended June 30, 2020 - $161), from NUAG for services rendered and expenses incurred on behalf of NUAG. The costs recovered from NUAG were recorded as a direct reduction of general and administrative expenses on the consolidated statements of income.</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap></TD>

   <TD width="96%">

   <P align=justify>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>(b)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>The Company recovers costs for services rendered to WHG and expenses incurred on behalf of WHG pursuant to a services and administrative costs reallocation agreement. During the three months ended June 30, 2021, the Company recovered $58 (three months ended June 30, 2020 - $nil), from WHG for services rendered and expenses incurred on behalf of WHG. The costs recovered from WHG were recorded as a direct reduction of general and administrative expenses on the consolidated statements of income.</P></TD></TR></TABLE>

<P style="TEXT-ALIGN: right">15</P></DIV><BR>

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<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at June 30, 2021 and for</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>three months ended June 30, 2021 and 2020</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars, except numbers for share and per share figures or otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD vAlign=top width="4%" noWrap>(c)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>In January 2021, Henan Found advanced a loan of $744 (RMB&#165;5 million) to Henan Non-ferrous. The loan bears an interest rate of 4.35% per annum.</P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify">The balances with related parties are unsecured.</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>12.</B></TD>

   <TD noWrap align=left><B>GENERAL AND ADMINISTRATIVE</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">General and administrative expenses consist of:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style= width="20%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="9%"></TD>

   <TD style= width="4%"></TD>

   <TD style= width="9%"></TD>

   <TD style= width="4%"></TD>

   <TD style= width="9%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="9%"></TD>

   <TD style= width="4%"></TD>

   <TD style= width="9%"></TD>

   <TD style= width="4%"></TD>

   <TD style= width="9%"></TD>

   <TD style= width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style= width="20%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%" colSpan=5 noWrap align=right><B>Three months ended June 30, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%" colSpan=5 noWrap align=right>Three months ended June 30, 2020</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="20%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=right><B>Corporate</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=center><B>Mines</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=right><B>Total</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=right>Corporate</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=center>Mines</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=right>Total</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="20%" align=left>Amortization and depreciation</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>146</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>335</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>481</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>120</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>288</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>408</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="20%" align=left>Office and administrative expenses</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="9%" noWrap align=right><B>568</B></TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="9%" noWrap align=right><B>685</B></TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="9%" noWrap align=right><B>1,253</B></TD>

   <TD style= width="2%" noWrap align=right></TD>

   <TD style= width="2%" noWrap align=right></TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="9%" noWrap align=right>536</TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="9%" noWrap align=right>591</TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="9%" noWrap align=right>1,127</TD>

   <TD style= width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="20%" align=left>Professional fees</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>145</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>106</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>251</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>318</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>113</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>431</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="20%" align=left>Salaries and benefits</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="9%" noWrap align=right><B>988</B></TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="9%" noWrap align=right><B>1,386</B></TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="9%" noWrap align=right><B>2,374</B></TD>

   <TD style= width="2%" noWrap align=right></TD>

   <TD style= width="2%" noWrap align=right></TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="9%" noWrap align=right>1,033</TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="9%" noWrap align=right>1,065</TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="9%" noWrap align=right>2,098</TD>

   <TD style= width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="20%" align=left>Share-based compensation</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>1,991</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>1,991</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>680</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>680</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="20%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=right><B>3,838</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=right><B>2,512</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=right><B>6,350</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="2%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=right>2,687</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=right>2,057</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=right>4,744</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>13.</B></TD>

   <TD noWrap align=left><B>GOVERNMENT FEES AND OTHER TAXES</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Government fees and other taxes consist of:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style= width="72%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="4%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style= width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=3 noWrap align=right><B>Three months ended June 30</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>2020</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="72%" align=left>Government fees</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>11</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>14</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="72%" align=left>Other taxes</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>680</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>526</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>691</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>540</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Government fees include environmental protection fees paid to the state and local Chinese government. Other taxes were composed of surtax on value-added tax, land usage levy, stamp duty and other miscellaneous levies, duties and taxes imposed by the state and local Chinese government.</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>14.</B></TD>

   <TD noWrap align=left><B>FINANCE ITEMS</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Finance items consist of:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style= width="72%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="4%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style= width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=3 noWrap align=right><B>Three months ended June 30</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left><B>Finance income</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>2020</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="72%" align=left>Interest income</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,193</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>947</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="72%" align=left>Dividend income</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>160</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,353</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>947</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" width="72%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="24%" colSpan=3 noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="24%" colSpan=3 noWrap align=right><B>Three months ended June 30</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=right><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left><B>Finance costs</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>2020</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="72%" align=left>Interest on lease obligation</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>20</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>25</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="72%" align=left>Loss on disposal of bonds</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>-</B></TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>53</TD>

   <TD style= width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="72%" align=left>Unwinding of discount of environmental rehabilitation provision</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>68</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>69</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>88</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>147</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">16</P></DIV><BR>

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   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at June 30, 2021 and for</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>three months ended June 30, 2021 and 2020</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars, except numbers for share and per share figures or otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>15.</B></TD>

   <TD noWrap align=left><B>INCOME TAX</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The significant components of income tax expense are as follows:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style= width="72%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="4%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style= width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=3 noWrap align=right><B>Three months ended June 30</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left><B>Income tax expense</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>2020</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="72%" align=left>Current</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>3,963</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>4,569</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="72%" align=left>Deferred</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>854</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>813</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>4,817</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>5,382</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>16.</B></TD>

   <TD noWrap align=left><B>FINANCIAL INSTRUMENTS</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The Company manages its exposure to financial risks, including liquidity risk, foreign exchange risk, interest rate risk, credit risk and equity price risk in accordance with its risk management framework. The Company&#8217;s Board of Directors has overall responsibility for the establishment and oversight of the Company&#8217;s risk management framework and reviews the Company&#8217;s policies on an ongoing basis.</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(a)Fair value</I></P>

<P style="TEXT-ALIGN: justify">The Company classifies its fair value measurements within a fair value hierarchy, which reflects the significance of the inputs used in making the measurements as defined in IFRS 13, Fair Value Measurement (&#8220;IFRS 13&#8221;).</P>

<P style="TEXT-ALIGN: justify">Level 1 &#8211; Unadjusted quoted prices at the measurement date for identical assets or liabilities in active markets.</P>

<P style="TEXT-ALIGN: justify">Level 2 &#8211; Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.</P>

<P style="TEXT-ALIGN: justify">Level 3 &#8211; Unobservable inputs which are supported by little or no market activity.</P>

<P style="TEXT-ALIGN: right">17</P></DIV><BR>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at June 30, 2021 and for</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>three months ended June 30, 2021 and 2020</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars, except numbers for share and per share figures or otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The following tables set forth the Company&#8217;s financial assets and liabilities that are measured at fair value level on a recurring basis within the fair value hierarchy as at June 30, 2021 and March 31, 2021 that are not otherwise disclosed. As required by IFRS 13, the assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style= width="44%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="4%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="4%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="4%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style= width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="52%" colSpan=7 noWrap align=center><B>Fair value as at June 30, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left><B>Recurring measurements</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>Level 1</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>Level 2</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>Level 3</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>Total</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left><B>Financial assets</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style= width="44%" noWrap align=left>Cash and cash equivalents</TD>

   <TD style= width="2%" noWrap align=right><B>$</B></TD>

   <TD style= width="10%" noWrap align=right><B>171,458</B></TD>

   <TD style= width="4%" noWrap align=right><B>$</B></TD>

   <TD style= width="10%" noWrap align=right><B>-</B></TD>

   <TD style= width="4%" noWrap align=right><B>$</B></TD>

   <TD style= width="10%" noWrap align=right><B>- </B></TD>

   <TD style= width="4%" noWrap align=right><B>$</B></TD>

   <TD style= width="10%" noWrap align=right><B>171,458</B></TD>

   <TD style= width="2%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Short-term investments - money market instruments</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>21,813</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>21,813</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style= width="44%" noWrap align=left>Investments in public companies</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>13,278</B></TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>-</B></TD>

   <TD style= width="4%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>-</B></TD>

   <TD style= width="4%" noWrap align=right><B></B></TD>

   <TD style= width="10%" noWrap align=right><B>13,278</B></TD>

   <TD style= width="2%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Investments in private companies</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>4,304</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>4,304</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style= width="44%" noWrap align=left></TD>

   <TD style= width="2%" noWrap align=left></TD>

   <TD style= width="52%" colSpan=7 noWrap align=right>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="52%" colSpan=7 noWrap align=center>Fair value as at March 31, 2021</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left><B>Recurring measurements</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>Level 1</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>Level 2</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>Level 3</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>Total</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left><B>Financial assets</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style= width="44%" noWrap align=left>Cash and cash equivalents</TD>

   <TD style= width="2%" noWrap align=right>$</TD>

   <TD style= width="10%" noWrap align=right>118,735</TD>

   <TD style= width="4%" noWrap align=right>$</TD>

   <TD style= width="10%" noWrap align=right>-</TD>

   <TD style= width="4%" noWrap align=right>$</TD>

   <TD style= width="10%" noWrap align=right>- </TD>

   <TD style= width="4%" noWrap align=right>$</TD>

   <TD style= width="10%" noWrap align=right>118,735</TD>

   <TD style= width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Short-term investments - money market instruments</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>64,545</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>64,545</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style= width="44%" noWrap align=left>Investments in public companies</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>13,444</TD>

   <TD style= width="4%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>-</TD>

   <TD style= width="4%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>-</TD>

   <TD style= width="4%" noWrap align=right></TD>

   <TD style= width="10%" noWrap align=right>13,444</TD>

   <TD style= width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Investments in private companies</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,289</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,289</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Fair value of the other financial instruments excluded from the table above approximates their carrying amount as at June 30, 2021 and March 31, 2021, due to the short-term nature of these instruments. There were no transfers into or out of Level 3 during the three months ended June 30, 2021 and 2020.</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(b)Liquidity risk</I></P>

<P style="TEXT-ALIGN: justify">Liquidity risk is the risk that the Company will not be able to meet its short-term business requirements. The Company has in place a planning and budgeting process to help determine the funds required to support the Company&#8217;s normal operating requirements on an ongoing basis and its expansion plans.</P>

<P style="TEXT-ALIGN: justify">In the normal course of business, the Company enters into contracts that give rise to commitments for future minimum payments. The following summarizes the remaining contractual maturities of the Company&#8217;s financial liabilities.</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style= width="44%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="4%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="4%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="4%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B>June 30, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>March 31, 2021</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>Within a year</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2-5 years</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>Total</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>Total</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="44%" align=left>Accounts payable and accrued liabilities</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>33,698</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>33,698</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>30,298</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="44%" align=left>Lease obligation</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>671</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>941</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>1,612</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>1,741</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>34,369</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>941</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>35,310</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>32,039</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">18</P></DIV><BR>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at June 30, 2021 and for</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>three months ended June 30, 2021 and 2020</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars, except numbers for share and per share figures or otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(c) Foreign exchange risk</I></P>

<P style="TEXT-ALIGN: justify">The Company reports its financial statements in US dollars. The functional currency of the head office, Canadian subsidiaries and all intermediate holding companies is CAD and the functional currency of all Chinese subsidiaries is RMB. The functional currency of New Infini and its subsidiaries is USD. The Company is exposed to foreign exchange risk when the Company undertakes transactions and holds assets and liabilities in currencies other than its functional currencies.</P>

<P style="TEXT-ALIGN: justify">The Company currently does not engage in foreign exchange currency hedging. The Company's exposure to currency risk affect net income is summarized as follows:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 72%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>June 30, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>March 31, 2021</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="72%" align=left>Financial assets denominated in U.S. Dollars</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>73,888</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>58,610</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="72%" align=left>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="72%" align=left>Financial liabilities denominated in U.S. Dollars</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>9</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>52</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">As at June 30,2021, with other variables unchanged, a 10% strengthening (weakening) of the CAD against the USD would have decreased (increased) net income by approximately $7.4 million.</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(d)Interest rate risk</I></P>

<P style="TEXT-ALIGN: justify">The Company is exposed to interest rate risk on its cash equivalents and short term investments. As at June 30, 2021, all of its interest-bearing cash equivalents and short-term investments earn interest at market rates that are fixed to maturity or at variable interest rates with terms of less than one year. The Company monitors its exposure to changes in interest rates on cash equivalents and short term investments. Due to the short-term nature of these financial instruments, fluctuations in interest rates would not have a significant impact on the Company&#8217;s net income.</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(e) Credit risk</I></P>

<P style="TEXT-ALIGN: justify">Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company is exposed to credit risk primarily associated to accounts receivable, due from related parties, cash and cash equivalents, and short-term investments. The carrying amount of assets included on the balance sheet represents the maximum credit exposure.</P>

<P style="TEXT-ALIGN: justify">The Company undertakes credit evaluations on counterparties as necessary, requests deposits from customers prior to delivery, and has monitoring processes intended to mitigate credit risks. There were no material amounts in trade or other receivables which were past due on June 30, 2021 (at March 31, 2021 - $nil).</P>

<P style="TEXT-ALIGN: right">19</P></DIV><BR>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at June 30, 2021 and for</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>three months ended June 30, 2021 and 2020</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars, except numbers for share and per share figures or otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%"><I>(f) Equity price risk</I></P>

<P style="TEXT-ALIGN: justify">The Company holds certain marketable securities that will fluctuate in value as a result of trading on Canadian financial markets. As the Company&#8217;s marketable securities holdings are mainly in mining companies, the value will also fluctuate based on commodity prices. Based upon the Company&#8217;s portfolio as at June 30, 2021, a 10% increase (decrease) in the market price of the securities held, ignoring any foreign currency effects, would have resulted in an increase (decrease) to the net income and other comprehensive income of $1,053 and $275, respectively.</P>

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   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>17.</B></TD>

   <TD noWrap align=left><B>SEGMENTED INFORMATION</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The Company's reportable operating segments are components of the Company where separate financial information is available that is evaluated regularly by the Company&#8217;s Chief Executive Officer who is the Chief Operating Decision Maker (&#8220;CODM&#8221;). The operational segments are determined based on the Company&#8217;s management and internal reporting structure. Operating segments are summarized as follows:</P>

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   <TD style= width="33%"></TD>

   <TD style= width="33%"></TD>

   <TD style= width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="33%" noWrap align=left><B>Operational Segments</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="33%" noWrap align=left><B>Subsidiaries Included in the Segment</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="33%" noWrap align=left><B>Properties Included in the Segment</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="33%" align=left><B>Mining</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="33%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="33%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="33%" align=left>

   <P style="MARGIN-LEFT: 4%">Henan Luoning</P></TD>

   <TD style= vAlign=top width="33%" align=left>Henan Found and Henan Huawei</TD>

   <TD style= vAlign=top width="33%" align=left>Ying Mining District</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="33%" align=left>

   <P style="MARGIN-LEFT: 4%">Hunan</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="33%" align=left>Yunxiang</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="33%" align=left>BYP</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="33%" align=left>

   <P style="MARGIN-LEFT: 4%">Guangdong</P></TD>

   <TD style= vAlign=top width="33%" align=left>Guangdong Found</TD>

   <TD style= vAlign=top width="33%" align=left>GC</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="33%" align=left>

   <P style="MARGIN-LEFT: 4%">Other</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="33%" align=left>Infini Resources S.A. de C.V. ,</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="33%" align=left>La Yesca</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="33%" align=left><B>Administrative</B></TD>

   <TD style= vAlign=top width="33%" align=left>&nbsp;</TD>

   <TD style= vAlign=top width="33%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="33%" align=left>

   <P style="MARGIN-LEFT: 4%">Vancouver</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="33%" align=left>Silvercorp Metals Inc. and holding companies</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="33%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top width="33%" align=left>

   <P style="MARGIN-LEFT: 4%">Beijing</P></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top width="33%" align=left>Silvercorp Metals (China) Inc.</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top width="33%" align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">20</P></DIV><BR>

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<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at June 30, 2021 and for</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>three months ended June 30, 2021 and 2020</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars, except numbers for share and per share figures or otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(a) Segmented information for assets and liabilities are as follows:</P>

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<TR>

   <TD style="WIDTH: 21%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 9%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 9%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 9%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 9%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 9%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 9%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 9%"></TD>

   <TD style="WIDTH: 1%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" colSpan=20 align=center><B>June 30, 2021</B> <B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 21%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="42%" colSpan=7 noWrap align=center><B>Mining</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" colSpan=3 noWrap align=center><B>Administrative</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 21%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=center><B>Henan</B></TD>

   <TD style="WIDTH: 2%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=center></TD>

   <TD style="WIDTH: 1%" noWrap align=center></TD>

   <TD style="WIDTH: 1%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>Total</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top width="21%" align=left><B>Statement of financial position items:</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=center><B>Luoning</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=center><B>Hunan</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=center><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=center><B>Guangdong</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=center><B>Other</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD width="1%" noWrap align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=center><B>Beijing</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=center><B>Vancouver</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="21%" align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="21%" align=left><B>Current assets</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>127,759</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>883</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>11,832</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>234</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>4,236</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>88,338</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>233,282</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="21%" align=left><B>Plant and equipment</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>53,901</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>3,791</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>15,661</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>101</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>974</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>1,381</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>75,809</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="21%" align=left><B>Mineral rights and properties</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>234,015</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>7,452</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>29,060</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>16,861</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>287,388</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="21%" align=left><B>Investment in an associate</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>62,260</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>62,260</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="21%" align=left><B>Other investments</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>2,322</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>15,260</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>17,582</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="21%" align=left><B>Reclamation deposits</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>3,933</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>4,717</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>8</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>8,658</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="21%" align=left><B>Long-term prepaids and deposits</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>368</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>102</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>89</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>559</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="21%" align=left><B>Long-term portion of lease receivable</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>132</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>132</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top width="21%" align=left><B>Total assets</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=right><B>422,298</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=right><B>12,228</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=right><B>61,359</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=right><B>17,196</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="1%" noWrap align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=right><B>5,210</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=right><B>167,379</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="1%" noWrap align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=right><B>685,670</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="21%" align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="21%" align=left><B>Current liabilities</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>34,867</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>609</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>5,664</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>173</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>3,064</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>44,377</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="21%" align=left><B>Long-term portion of lease obligation</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>941</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>941</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="21%" align=left><B>Deferred income tax liabilities</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>41,174</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>1,067</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>42,241</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="21%" align=left><B>Environmental rehabilitation</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>6,195</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>1,016</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>726</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>7,937</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top width="21%" align=left><B>Total liabilities</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=right><B>82,236</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=right><B>2,692</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=right><B>6,390</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="1%" noWrap align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=right><B>173</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=right><B>4,005</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="1%" noWrap align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=right><B>95,496</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width="21%" align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="9%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="9%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="9%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="9%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="9%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="9%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="9%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" colSpan=20 align=center>March 31, 2021</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" width="21%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="42%" colSpan=7 noWrap align=center>Mining</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="20%" colSpan=3 noWrap align=center>Administrative</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="9%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" width="21%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="9%" noWrap align=center>Henan</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="9%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="9%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="9%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="9%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="9%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="9%" noWrap align=right>Total</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="21%" noWrap align=left>Statement of financial position items:</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="9%" noWrap align=center>Luoning</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="9%" noWrap align=center>Hunan</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="9%" noWrap align=center>Guangdong</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="9%" noWrap align=center>Other</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="9%" noWrap align=center>Beijing</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="9%" noWrap align=center>Vancouver</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="9%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="21%" align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 9%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 9%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 9%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 9%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 9%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 9%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 9%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="21%" align=left>Current assets</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>124,636</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>909</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>11,177</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>191</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>4,322</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>79,954</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>221,189</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="21%" align=left>Plant and equipment</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right>53,651</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right>3,833</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right>15,765</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right>59</TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right>965</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right>1,456</TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right>75,729</TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="21%" align=left>Mineral rights and properties</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>225,023</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>7,345</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>28,314</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>16,747</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>277,429</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="21%" align=left>Investment in an associate</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right>53,457</TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right>53,457</TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="21%" align=left>Other investments</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>2,289</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>13,444</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>15,733</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="21%" align=left>Reclamation deposits</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right>3,898</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right>4,607</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right>8</TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right>8,513</TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="21%" align=left>Long-term prepaids and deposits</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>221</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>101</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>87</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>409</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="21%" align=left>Long-term portion of lease receivable</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>183</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>183</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="21%" align=left>Total assets</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>409,718</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>12,188</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>59,950</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>16,997</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>5,287</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>148,502</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>652,642</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="21%" align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 9%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 9%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 9%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 9%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 9%" noWrap align=right></TD>

   <TD style="WIDTH: 2%" noWrap align=right></TD>

   <TD style="WIDTH: 9%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 9%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="21%" align=left>Current liabilities</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>28,654</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>625</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>4,570</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>112</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>3,214</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>37,175</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="21%" align=left>Long-term portion of lease obligation</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right>-</TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right>-</TD>

   <TD style="WIDTH: 2%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right>1,084</TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right>1,084</TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="21%" align=left>Deferred income tax liabilities</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>39,756</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>1,036</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>40,792</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="21%" align=left>Environmental rehabilitation</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>6,115</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>993</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>755</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right>7,863</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="21%" align=left>Total liabilities</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>74,525</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>2,654</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>5,325</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>112</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>4,298</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right>86,914</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">21</P></DIV><BR>

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<BR>

<!--$$/page=--><A name="page_23"></A><BR>

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<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at June 30, 2021 and for</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>three months ended June 30, 2021 and 2020</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars, except numbers for share and per share figures or otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(b) Segmented information for operating results is as follows:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 21%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 9%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 9%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 9%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 9%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 9%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 9%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 1%"></TD>

   <TD style="WIDTH: 9%"></TD>

   <TD style="WIDTH: 1%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" colSpan=24 align=center><B>Three months ended June 30, 2021</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 21%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" colSpan=3 noWrap align=center><B>Mining</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" colSpan=4 noWrap align=center><B>Administrative</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 21%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=center><B>Henan</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>Total</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="21%" noWrap align=left><B>Statement of income:</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=center><B>Luoning</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=center><B>Hunan</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=center><B>Guangdong</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=center><B>Other</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=center><B>Beijing</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=center><B>Vancouver</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="21%" align=left><B>Revenue</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>47,418</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>11,401</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>58,819</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="21%" align=left><B>Costs of mine operations</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right><B>(26,175</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right><B>(130</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right><B>(7,010</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right><B>(33,315</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="21%" align=left><B>Income from mine operations</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>21,243</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>(130</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>4,391</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>25,504</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="21%" align=left><B>&nbsp;</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 9%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 9%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 9%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 9%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 9%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 9%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 9%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="21%" align=left><B>Operating expenses</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>68</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>52</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>(14</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>(56</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>(552</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>(5,218</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>(5,720</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="21%" align=left><B>Finance items, net</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>643</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>(9</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>59</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>-</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>42</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>530</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>1,265</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="21%" align=left><B>Income tax expenses</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>(3,155</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>(15</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>(190</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>(1,457</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>(4,817</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="21%" align=left><B>Net income (loss)</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>18,799</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>(102</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>4,246</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>(56</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>(510</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>(6,145</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B></B></TD>

   <TD style="WIDTH: 1%" noWrap align=right><B>$</B></TD>

   <TD style="WIDTH: 9%" noWrap align=right><B>16,232</B></TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="21%" align=left><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="21%" align=left><B>Attributable to:</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 9%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="21%" align=left><B>Equity holders of the Company</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>14,684</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>(66</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>4,204</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>(25</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>(510</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>(6,075</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>12,212</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="21%" align=left><B>Non-controlling interests</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right><B>4,115</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right><B>(36</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right><B>42</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right><B>(31</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right><B>(70</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="WIDTH: 1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=right><B>4,020</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="21%" noWrap align=left><B>Net income (loss)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>18,799</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>(102</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>4,246</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>(56</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>(510</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>(6,145</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="9%" noWrap align=right><B>16,232</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="100%" colSpan=24 align=left><SUP>(1) </SUP>Hunan's BYP project was placed on care and maintenance in August 2014.</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 26%" width="26%"></TD>

   <TD style="WIDTH: 1%" width="1%"></TD>

   <TD style="WIDTH: 10%" width="10%"></TD>

   <TD style="WIDTH: 1%" width="1%"></TD>

   <TD style="WIDTH: 1%" width="1%"></TD>

   <TD style="WIDTH: 10%" width="10%"></TD>

   <TD style="WIDTH: 1%" width="1%"></TD>

   <TD style="WIDTH: 1%" width="1%"></TD>

   <TD style="WIDTH: 10%" width="10%"></TD>

   <TD style="WIDTH: 1%" width="1%"></TD>

   <TD style="WIDTH: 1%" width="1%"></TD>

   <TD style="WIDTH: 1%" width="1%"></TD>

   <TD style="WIDTH: 10%" width="10%"></TD>

   <TD style="WIDTH: 1%" width="1%"></TD>

   <TD style="WIDTH: 1%" width="1%"></TD>

   <TD style="WIDTH: 10%" width="10%"></TD>

   <TD style="WIDTH: 1%" width="1%"></TD>

   <TD style="WIDTH: 1%" width="1%"></TD>

   <TD style="WIDTH: 1%" width="1%"></TD>

   <TD style="WIDTH: 10%" width="10%"></TD>

   <TD style="WIDTH: 1%" width="1%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" colSpan=21 align=center>Three months ended June 30, 2020</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" width="26%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center>Mining</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" colSpan=4 noWrap align=center>Administrative</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 26%" width="26%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" width="10%" noWrap align=center>Henan</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" width="10%" noWrap align=right>Total</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="26%" noWrap align=left>Statement of income:</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center>Luoning</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center>Hunan</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>Guangdong</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center>Beijing</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=center>Vancouver</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="26%" align=left>Sales</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>39,686</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>7,019</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>46,705</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="26%" align=left>Costs of mine operations</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(22,111</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(114</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(5,195</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(27,420</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="26%" align=left>Income from mine operations</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>17,575</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(114</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,824</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>19,285</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="26%" align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 10%" width="10%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 10%" width="10%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 10%" width="10%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 10%" width="10%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 10%" width="10%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=left></TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 10%" width="10%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="26%" align=left>Operating expenses</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>88</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(35</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(460</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>4,196</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>3,789</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="26%" align=left>Finance items, net</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" width="10%" noWrap align=right>382</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" width="10%" noWrap align=right>(8</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" width="10%" noWrap align=right>41</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" width="10%" noWrap align=right>35</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" width="10%" noWrap align=right>350</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" width="10%" noWrap align=right>800</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="26%" align=left>Income tax expenses</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(4,262</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(1,120</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(5,382</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="26%" align=left>Net income (loss)</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" width="10%" noWrap align=right>13,783</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" width="10%" noWrap align=right>(122</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" width="10%" noWrap align=right>1,830</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" width="10%" noWrap align=right>(425</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=left>)</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" width="10%" noWrap align=right>3,426</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right>$</TD>

   <TD style="WIDTH: 10%" width="10%" noWrap align=right>18,492</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="26%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="vAlign: top" width="26%" align=left>Attributable to:</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right></TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="WIDTH: 10%" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="26%" align=left>Equity holders of the Company</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>10,755</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(77</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,812</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(425</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>3,426</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>15,491</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="26%" align=left>Non-controlling interests</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>3,028</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(45</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>18</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>3,001</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="26%" align=left>Net income (loss)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>13,783</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(122</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,830</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(425</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>3,426</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>18,492</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="1%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">22</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

<BR>

<!--$$/page=--><A name="page_24"></A><BR>

<a name="_bclPageBorder24"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements as at June 30, 2021 and for</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>three months ended June 30, 2021 and 2020</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars, except numbers for share and per share figures or otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(c) Sales by metal</P>

<P style="TEXT-ALIGN: justify">The sales generated for the three months ended June 30, 2021 and 2020 were all earned in China and were comprised of:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style= width="58%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="4%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="4%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" colSpan=5 noWrap align=center><B>Three months ended June 30, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top width="58%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>Henan Luoning</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>Guangdong</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>Total</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="58%" align=left><B>Silver (Ag)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><STRONG>&nbsp;$</STRONG></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>30,924</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>3,070</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>33,994</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="58%" align=left><B>Gold (Au)</B></TD>

   <TD style= width="2%" noWrap align=right><STRONG>&nbsp;</STRONG></TD>

   <TD style= width="10%" noWrap align=right><B>1,508</B></TD>

   <TD style= width="4%" noWrap align=right></TD>

   <TD style= width="10%" noWrap align=right><B>-</B></TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>1,508</B></TD>

   <TD style= width="2%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="58%" align=left><B>Lead (Pb)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><STRONG>&nbsp;</STRONG></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>12,187</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>2,214</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>14,401</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="58%" align=left><B>Zinc (Zn)</B></TD>

   <TD style= width="2%" noWrap align=right><STRONG>&nbsp;</STRONG></TD>

   <TD style= width="10%" noWrap align=right><B>1,614</B></TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>5,754</B></TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>7,368</B></TD>

   <TD style= width="2%" noWrap align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="58%" align=left><B>Other</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><STRONG>&nbsp;</STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,185</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>363</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,548</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top width="58%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><STRONG>&nbsp;$</STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>47,418</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>&nbsp;$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>11,401</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>58,819</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width="58%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="38%" colSpan=5 noWrap align=center></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" vAlign=top width="58%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="38%" colSpan=5 noWrap align=center>Three months ended June 30, 2020</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top width="58%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>Henan Luoning</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>Guangdong</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>Total</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="58%" align=left>Silver (Ag)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>24,107</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,078</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>26,185</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="58%" align=left>Gold (Au)</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>1,477</TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>-</TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>1,477</TD>

   <TD style= width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="58%" align=left>Lead (Pb)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>12,346</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,028</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>14,374</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="58%" align=left>Zinc (Zn)</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>1,371</TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>2,784</TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>4,155</TD>

   <TD style= width="2%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="58%" align=left>Other</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>385</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>129</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>514</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top width="58%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>39,686</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>7,019</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>46,705</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(d) Major customers</P>

<P style="TEXT-ALIGN: justify">For the three months ended June 30, 2021, five major customers (three months ended June 30, 2020 -four major customers) each accounted for 10%, 14%, 16%, 17%, and 18% (three months ended June 30, 2020 - 15%, 17%, 21%, and 22%), and collectively 75% (three months ended June 30, 2020 - 75%) of the total sales of the Company.</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>18.</B></TD>

   <TD noWrap align=left><B>SUPPLEMENTARY CASH FLOW INFORMATION</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style= width="72%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>June 30, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>March 31, 2021</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="72%" align=left>Cash on hand and at bank</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>113,488</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>111,191</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="72%" align=left>Bank term deposits and short-term money market investments</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>57,970</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>7,544</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" vAlign=top width="72%" align=left>Total cash and cash equivalents</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>171,458</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>118,735</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="72%" align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left></TD>

   <TD style= width="24%" colSpan=4 noWrap align=right><B></B></TD>

   <TD style= width="2%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" vAlign=top width="72%" align=left>Changes in non-cash operating working capital:</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="24%" colSpan=4 noWrap align=right><B>Three Months Ended June 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=top width="72%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>2020</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="72%" align=left>

   <P style="MARGIN-LEFT: 4%">Trade and other receivables</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>138</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>197</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="72%" align=left>

   <P style="MARGIN-LEFT: 4%">Inventories</P></TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>3,612</B></TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>615</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="72%" align=left>

   <P style="MARGIN-LEFT: 4%">Prepaids and deposits</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>(1,683</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(487</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style= vAlign=top width="72%" align=left>

   <P style="MARGIN-LEFT: 4%">Accounts payable and accrued liabilities</P></TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>2,938</B></TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>6,823</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" vAlign=top width="72%" align=left>

   <P style="MARGIN-LEFT: 4%">Deposits received</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>4,154</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>32</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="72%" align=left>

   <P style="MARGIN-LEFT: 4%">Due from a related party</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(14</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>35</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>9,145</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>7,215</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">23</P></DIV><BR>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>exhibit99-5.htm
<DESCRIPTION>SILVERCORP METALS INC. MD&A FOR THE THREE MONTHS ENDED JUNE 30, 2021
<TEXT>

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   <TITLE>Exhibit 99.5</TITLE>
</HEAD>

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<P style="MARGIN-TOP: 0px; TEXT-ALIGN: right"><B>Exhibit 99.5</B></P>
<IMG border=0 src="exhibit99-5x1x1.jpg"> <BR>

<P style="TEXT-ALIGN: justify"><B>SILVERCORP METALS INC.</B></P>

<P style="TEXT-ALIGN: justify"><B>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS </B></P>

<P style="TEXT-ALIGN: justify"><B>For the Three Months Ended June 30, 2021</B></P>

<P style="TEXT-ALIGN: justify"><B>(Expressed in thousands of US dollars, except per share figures or otherwise stated)</B></P></DIV><BR>

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<P style="TEXT-ALIGN: justify"><B>Table of Contents</B></P>

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<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 92%"></TD>

   <TD style="WIDTH: 4%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=left><B>1.</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="92%" noWrap align=left><B>Core Business and Strategy</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=right><B>2</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 4%" noWrap align=left><B>2.</B></TD>

   <TD style="WIDTH: 92%" noWrap align=left><B>First Quarter of Fiscal Year 2022 Highlights</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>2</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=left><B>3.</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="92%" noWrap align=left><B>Operating Performance</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=right><B>4</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 4%" noWrap align=left><B>4.</B></TD>

   <TD style="WIDTH: 92%" noWrap align=left><B>Investment in Associates</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>10</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=left><B>5.</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="92%" noWrap align=left><B>Overview of Financial Results</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=right><B>12</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 4%" noWrap align=left><B>6.</B></TD>

   <TD style="WIDTH: 92%" noWrap align=left><B>Liquidity and Capital Resources</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>15</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=left><B>7.</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="92%" noWrap align=left><B>Financial Instruments and Related Risks</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=right><B>16</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 4%" noWrap align=left><B>8.</B></TD>

   <TD style="WIDTH: 92%" noWrap align=left><B>Off-Balance Sheet Arrangements</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>18</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=left><B>9.</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="92%" noWrap align=left><B>Transactions with Related Parties</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=right><B>18</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 4%" noWrap align=left><B>10.</B></TD>

   <TD style="WIDTH: 92%" noWrap align=left><B>Alternative Performance (Non-IFRS) Measures</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>19</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=left><B>11.</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="92%" noWrap align=left><B>Critical Accounting Policies, Judgments, and Estimates</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=right><B>22</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 4%" noWrap align=left><B>12.</B></TD>

   <TD style="WIDTH: 92%" noWrap align=left><B>New Accounting Standards</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>22</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=left><B>13.</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="92%" noWrap align=left><B>Other MD&amp;A Requirements</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=right><B>23</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 4%" noWrap align=left><B>14.</B></TD>

   <TD style="WIDTH: 92%" noWrap align=left><B>Outstanding Share Data</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>23</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=left><B>15.</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="92%" noWrap align=left><B>Risks and Uncertainties</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=right><B>23</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 4%" noWrap align=left><B>16.</B></TD>

   <TD style="WIDTH: 92%" noWrap align=left><B>Disclosure Controls and Procedures</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>28</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=left><B>17.</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="92%" noWrap align=left><B>Directors and Officers</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=right><B>28</B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 96%" colSpan=2 noWrap align=left><B>Technical Information</B></TD>

   <TD style="WIDTH: 4%" noWrap align=right><B>29</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ececec" width="96%" colSpan=2 noWrap align=left><B>Forward Looking Statements</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" width="4%" noWrap align=right><B>29</B></TD></TR></TABLE></DIV><BR></DIV><BR>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

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   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

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   <TD noWrap align=left><B>For the Three Months Ended June 30, 2021</B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, except per share data or unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><I>This Management&#8217;s Discussion and Analysis (&#8220;MD&amp;A&#8221;) is intended to help the reader understand the significant factors that have affected Silvercorp Metals Inc. and its subsidiaries&#8217; (&#8220;Silvercorp&#8221; or the &#8220;Company&#8221;) performance and such factors that may affect its future performance. This MD&amp;A should be read in conjunction with the Company&#8217;s unaudited condensed consolidated interim financial statements for the three months ended June 30, 2021 and the related notes contains therein. In addition, this MD&amp;A should be read in conjunction with the Company&#8217;s audited consolidated financial statements for the year ended March 31, 2021, the related MD&amp;A, the Annual Information Form (available on SEDAR at www.sedar.com), and the annual report on Form 40-F (available on EDGAR at www.sec.gov). The Company reports its financial position, financial performance and cash flow in accordance with International Financial Reporting Standards (&#8220;IFRS&#8221;) as issued by the International Accounting Standards Board (&#8220;IASB&#8221;). Silvercorp&#8217;s significant accounting policies are set out in Note 2 of the unaudited consolidated interim financial statements for the three months ended June 30, 2021, as well as Note 2 to the audited consolidated financial statements for the year ended March 31, 2021. This MD&amp;A refers to various alternative performance (non-IFRS) measures, such as adjusted earnings and adjusted earnings per share, working capital</I><I>, </I><I>cash cost per ounce of silver, net of by-product credits, all-in &amp; all-in sustaining cost per ounce of silver, net of by-product credits, production cost per tonne, and all-in sustaining production costs per tonne. Non-IFRS measures do not have standardized meanings under IFRS. Accordingly, non-IFRS measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. To facilitate a better understanding of these measures as calculated by the Company, additional information has been provided in this MD&amp;A. Please refer to section 10, &#8220;Alternative Performance (Non-IFRS) Measures&#8221; of this MD&amp;A for detailed descriptions and reconciliations. Figures may not add due to rounding.</I></P>

<P style="TEXT-ALIGN: justify">This MD&amp;A is prepared as of August 4, 2021 and expressed in thousands of U.S. dollars, except share, per share, unit cost, and production data, or unless otherwise stated.</P>

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   <TD noWrap align=left><B>1.</B></TD>

   <TD noWrap align=left><B>Core Business and Strategy</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Silvercorp is a profitable Canadian mining company currently producing silver, gold, lead, and zinc metals in concentrates from mines in China. The Company&#8217;s goal is to continuously create healthy returns to shareholders through efficient management, organic growth and the acquisition of profitable projects. Silvercorp balances profitability, social and environmental relationships, employees&#8217; wellbeing, and sustainable development. Silvercorp operates several silver-lead-zinc mines at the Ying Mining District in Henan Province, China and the GC silver-lead-zinc mine in Guangdong Province, China. The Company&#8217;s common shares are traded on the Toronto Stock Exchange and NYSE American under the symbol &#8220;SVM&#8221;.</P>

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   <TD noWrap align=left><B>2.</B></TD>

   <TD noWrap align=left><B>First Quarter of Fiscal Year 2022 Highlights</B></TD></TR></TABLE></DIV>

<UL>

<LI>

<P align=justify>Mined 231,235 tonnes of ore and milled 243,077 tonnes of ore, down 9% and 7% compared to the prior year quarter due primarily to slow downs during contract renewal negotiations with mining contractors, which were successfully completed as announced July 13, 2021;</P>

<LI>

<P align=justify>Sold approximately 1.6 million ounces of silver, 1,000 ounces of gold, 16.8 million pounds of lead, and 7.3 million pounds of zinc, representing decreases of 12%, 9%, and 20% in silver, gold and lead sold, and an increase of 4% in zinc sold, compared to the prior year quarter;</P>

<LI>

<P align=justify>Revenue of $58.8 million, up 26% compared to $46.7 million in the prior year quarter;</P>

<LI>

<P align=justify>Net income attributable to equity shareholders of $12.2 million, or $0.07 per share, compared to $15.5 million, or $0.09 per share in the prior year quarter;</P>

<LI>

<P align=justify>Adjusted earnings<SUP>1 </SUP>attributable to equity shareholders of $15.8 million, or $0.09 per share, compared to $9.6 million, or $0.05 per share in the prior year quarter. The adjustments were made to remove impacts from non-recurring items, share-based compensation, foreign exchange, mark-to-market equity investments, and the share of associates&#8217; operating results.</P>

<LI>

<P align=justify>Income from mine operations in Q1 Fiscal 2022 was $25.5 million, up 32% compared to $19.3 million in</P></LI></UL>

<P style="TEXT-ALIGN: justify">____________________<BR><SUP>1 </SUP><FONT style="FONT-SIZE: 9pt">Non-IFRS measures, please refer to section 10 for reconciliation.</FONT></P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 2</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2021</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, except per share data or unless otherwise stated)</B></TD></TR></TABLE></DIV>

<UL>

<P style="TEXT-ALIGN: justify">prior year quarter.</P>

<LI>

<P align=justify>Cash flow from operations of $36.5 million, up 21% or $6.4 million compared to $30.1 million in the prior year quarter;</P>

<LI>

<P align=justify>Cash cost per ounce of silver<SUP>1</SUP>, net of by-product credits, of negative $1.43 compared to negative $1.48 in the prior year quarter;</P>

<LI>

<P align=justify>All-in sustaining cost per ounce of silver<SUP>1</SUP>, net of by-product credits, of $7.46, compared to $5.61 in the prior year quarter;</P>

<LI>

<P align=justify>Paid $2.2 million of dividends to the Company&#8217;s shareholders;</P>

<LI>

<P align=justify>Invested $5.0 million in Whitehorse Gold Corp. (&#8220;WHG&#8221;) to increase the Company&#8217;s ownership interest in WHG by 2.5% to 29.5%; and</P>

<LI>

<P align=justify>Strong balance sheet with $214.4 million in cash and cash equivalents and short-term investments, up $15.3 million or 8% compared to $199.1 million as at March 31, 2021. This does not include the investments in associates and equity investment in other companies, having a total market value of $243.2 million as at June 30, 2021.</P></LI></UL>

<P style="TEXT-ALIGN: justify">____________________<BR><I><SUP>1 </SUP></I><FONT style="FONT-SIZE: 9pt">Non-IFRS measures, please refer to section 10 for reconciliation.</FONT></P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 3</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

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   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

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   <TD noWrap align=left><B>For the Three Months Ended June 30, 2021</B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, except per share data or unless otherwise stated)</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>3.</B></TD>

   <TD noWrap align=left><B>Operating Performance</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>(a)</B></TD>

   <TD noWrap align=left><B>Consolidated operating performance</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The following table summarizes consolidated operational information for the three months ended June 30, 2021 and 2020:</P>

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   <TD width="58%"></TD>

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   <TD width="2%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD></TR>

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   <TD bgColor=#993300 width="58%" noWrap align=left><B><FONT color=#ffffff>Consolidated</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="40%" colSpan=5 noWrap align=right><B><FONT color=#ffffff>Three months ended June 30,</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

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   <TD bgColor=#993300 width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=right><B><FONT color=#ffffff>2021</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=right><FONT color=#ffffff>2020</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=right><B><FONT color=#ffffff>Changes</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="58%" noWrap align=left><B>Production Data</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Mine Data</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Ore Mined (tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>231,235</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>254,555</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-9</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Ore Milled (tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>243,077</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>262,326</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-7</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp; </TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Head Grades</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Silver (gram/tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>207</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>228</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-9</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Lead (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>3.2</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>3.7</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-14</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Zinc (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1.7</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1.6</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>6</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Recovery Rates</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Silver (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>93.2</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>93.1</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Lead (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>94.6</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>95.1</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-1</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Zinc (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>80.7</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>79.5</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>1</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Cost Data</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">+ <B>Mining cost per tonne of ore mined ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>83.65</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>73.91</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>13</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Cash mining cost per tonne of ore mined ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>62.38</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>54.97</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>13</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Depreciation and amortization charges per tonne of ore mined ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>21.27</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>18.94</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>12</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">+ <B>Unit shipping costs ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>2.27</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2.50</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-9</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp; </B></TD>

   <TD width="2%" noWrap align=left><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">+ <B>Milling costs per tonne of ore milled ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>14.76</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>11.04</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>34</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Cash milling costs per tonne of ore milled ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>12.90</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>9.58</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>35</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Depreciation and amortization charges per tonne of ore milled ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1.86</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1.46</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>27</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">+ <B>Cash production cost per tonne of ore processed ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>77.55</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>67.05</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>16</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">+ <B>All-in sustaining cost per tonne of ore processed ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>131.48</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>112.59</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>17</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">+ <B>Cash cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>(1.43</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right>(1.48</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="12%" noWrap align=right><B>3</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">+ <B>All-in sustaining cost per ounce of silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>7.46</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>5.61</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>33</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Concentrate inventory</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Lead concentrate (tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>695</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1,338</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-48</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Zinc concentrate (tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>375</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>969</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-61</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Sales Data</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Silver (in thousands of ounces)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1,642</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1,872</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-12</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Gold (in thousands of ounces)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1.0</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1.1</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-9</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Lead (in thousands of pounds)</B></P></TD>

   <TD width="12%" noWrap align=right><B>16,810</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>20,885</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-20</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Zinc (in thousands of pounds)</B></P></TD>

   <TD width="12%" noWrap align=right><B>7,255</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>6,958</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>4</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Revenue</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Silver (in thousands of $)</B></P></TD>

   <TD width="12%" noWrap align=right><B>33,994</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>26,185</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>30</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Gold (in thousands of $)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1,508</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1,477</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Lead (in thousands of $)</B></P></TD>

   <TD width="12%" noWrap align=right><B>14,401</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>14,374</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Zinc (in thousands of $)</B></P></TD>

   <TD width="12%" noWrap align=right><B>7,368</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>4,155</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>77</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Other (in thousands of $)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>1,548</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>514</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>201</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>58,819</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>46,705</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>26</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Average Selling Price, Net of Value Added Tax and Smelter Charges</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Silver ($ per ounce)</B></P></TD>

   <TD width="12%" noWrap align=right><B>20.70</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>13.99</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>48</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Gold ($ per ounce)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1,508</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1,343</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>12</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Lead ($ per pound)</B></P></TD>

   <TD width="12%" noWrap align=right><B>0.86</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.69</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>25</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Zinc ($ per pound)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1.02</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.60</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>70</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">+ <FONT style="FONT-SIZE: 9pt">Alternative performance (Non-IFRS) measures, see section 10 for reconciliation.</FONT></P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 4</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV><BR>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

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   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

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   <TD noWrap align=left><B>For the Three Months Ended June 30, 2021</B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, except per share data or unless otherwise stated)</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>Mine and Mill Production</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">For the three months ended June 30, 2021 (&#8220;Q1 Fiscal 2022&#8221;), the Company mined 231,235 tonnes of ore, down 9% or 23,320 tonnes, compared to 254,555 tonnes in the three months ended June 30, 2020 (&#8220;Q1 Fiscal 2021&#8221;). Ore milled in Q1 Fiscal 2022 was 243,077 tonnes, down 7% or 19,249 tonnes, compared to 262,326 tonnes in Q1 Fiscal 2021. The decrease was primarily a result of the Company&#8217;s mining contract renewal negotiation at the Ying Mining District as reported in the Company&#8217;s news releases dated July 13 and April 28, 2021. Contracts were renewed for an additional 2 years in mid May 2021, and the Company expects to increase production in the remaining three quarters and meet its annual guidance.</P>

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   <TD noWrap align=left><B>Metal Sales</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">In Q1 Fiscal 2022, the Company sold approximately 1.6 million ounces of silver, 1,000 ounces of gold, 16.8 million pounds of lead, and 7.3 million pounds of zinc, representing decreases of 12%, 9%, and 20% in silver, gold and lead sold, respectively, and an increase of 4% in zinc sold, compared to approximately 1.9 million ounces of silver, 1,100 ounces of gold, 20.9 million pounds of lead, and 7.0 million pounds of zinc sold in Q1 Fiscal 2021.</P>

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   <TD noWrap align=left><B>Per Tonne Costs</B><B><SUP>1</SUP></B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Compared to Q1 Fiscal 2021, the Company&#8217;s consolidated per tonne costs in the current quarter were mainly impacted by i) a 9% appreciation of the Chinese yuan against the US dollar, resulting in higher costs presented in the US dollar; ii) an average 7% increase in frontline workers&#8217; pay rate, iii) lower production at the Ying Mining District resulting in higher per tonne fixed cost allocation, and iv) an overall of 14.5% increase in mining contractors&#8217; fee rate at the Ying Mining District as reported previously in the Company&#8217;s news release dated May 20, 2021. However, the consolidated cash production cost and all-in sustaining production cost per tonne of ore processed in Q1 Fiscal 2022 are still in line with the Company&#8217;s annual guidance.</P>

<P style="TEXT-ALIGN: justify">In Q1 Fiscal 2022, the consolidated total mining cost and cash mining cost were $83.65 and $62.38 per tonne, up 13% and 13%, respectively, compared to $73.91 and $54.97 per tonne, respectively, in Q1 Fiscal 2021.</P>

<P style="TEXT-ALIGN: justify">The consolidated total milling cost and cash milling cost were $14.76 and $12.90 per tonne, compared to $11.04 and $9.58 per tonne, respectively, in Q1 Fiscal 2021.</P>

<P style="TEXT-ALIGN: justify">The consolidated cash production cost and all-in sustaining production cost per tonne of ore processed in Q1 Fiscal 2022 were $77.55 and $131.48, up 16% and 17%, respectively, compared to $67.05 and $112.59 in Q1 Fiscal 2021.</P>

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   <TD noWrap align=left><B>Costs per Ounce of Silver, Net of By-Product Credits</B><SUP>1</SUP></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">In Q1 Fiscal 2022, the consolidated cash cost per ounce of silver, net of by-product credits, was negative $1.43, compared to negative $1.48 in the prior year quarter. The increase was mainly due to the increase in per tonne cash production costs as discussed above, offset by an increase of $4.16 in by-product credits per ounce of silver. Sales from lead and zinc in Q1 Fiscal 2022 amounted to $21.8 million, up $3.3 million, compared to $18.5 million in Q1 Fiscal 2021.</P>

<P style="TEXT-ALIGN: justify">The consolidated all-in sustaining cost per ounce of silver, net of by-product credits, was $7.46, compared to $5.61 in Q1 Fiscal 2021. The increase was mainly due to the increase in per tonne all-in sustaining production cost as discussed above, offset by an increase of $4.16 in by-product credits per ounce of silver.</P>

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   <TD noWrap align=left><B>Exploration and Development</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">In Q1 Fiscal 2022, on a consolidated basis, a total of 107,913 metres or $4.6 million worth of diamond drilling were completed (Q1 Fiscal 2021 - 36,697 metres or $1.1 million), of which approximately 50,666 metres or $1.3 million worth of underground drilling were expensed as part of mining costs (Q1 Fiscal 2021 - 36,697 metres or $1.1 million) and approximately 57,247 metres or $3.3 million worth of drilling were capitalized (Q1 Fiscal 2021 - nil). In addition, approximately 6,955 metres or $2.8 million worth of preparation tunnelling were completed and expensed as part of mining costs (Q1 Fiscal 2021 - 10,142 metres or $2.6 million), and approximately 17,263</P>

<P style="TEXT-ALIGN: justify">____________________<BR><I><SUP>1 </SUP></I><FONT style="FONT-SIZE: 9pt">Alternative Performance (Non-IFRS) measure. Please refer to section 10 for reconciliation.</FONT></P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 5</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

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   <TD noWrap align=left><B>For the Three Months Ended June 30, 2021</B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, except per share data or unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">metres or $6.6 million worth of tunnels, raises, ramps and declines were completed and capitalized (Q1 Fiscal 2021 - 26,375 metres or $9.0 million).</P>

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   <TD noWrap align=left><I>(i)</I></TD>

   <TD noWrap align=left><B><I>Ying Mining District</I></B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The following table summarize the operational information at the Ying Mining District for the three months ended June 30, 2021 and 2020. The Ying Mining District is the Company&#8217;s primary source of production, and consists of four mining licenses, including the SGX, HPG, TLP-LME-LMW, and DCG mines.</P>

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   <TD width="12%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></TD>

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   <TD bgColor=#993300 width="58%" noWrap align=left><B><FONT color=#ffffff>Ying Mining District</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="40%" colSpan=5 noWrap align=right><B><FONT color=#ffffff>Three months ended June 30,</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

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   <TD bgColor=#993300 width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=right><B><FONT color=#ffffff>2021</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=right><FONT color=#ffffff>2020</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=right><B><FONT color=#ffffff>Changes</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Production Data</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Mine Data</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Ore Mined (tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>142,907</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>174,176</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-18</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Ore Milled (tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>155,407</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>177,689</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-13</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Head Grades</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Silver (gram/tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>279</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>293</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-5</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Lead (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>4.2</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>4.6</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-9</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Zinc (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>0.8</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.8</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Recovery Rates</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Silver (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>94.7</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>94.7</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>0</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Lead (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>95.7</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>96.2</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-1</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Zinc (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>59.7</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>63.8</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-6</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Cost Data</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">+ <B>Mining cost per tonne of ore mined ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>104.78</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>87.94</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>19</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Cash mining cost per tonne of ore mined ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>77.25</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>64.12</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>20</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Depreciation and amortization charges per tonne of ore mined ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>27.53</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>23.82</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>16</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">+ <B>Unit shipping costs ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>3.59</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>3.64</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-1</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">+ <B>Milling costs per tonne of ore milled ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>14.09</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>10.04</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>40</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Cash milling cost per tonne of ore milled ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>11.95</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>8.45</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>41</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Depreciation and amortization charges per tonne of ore milled ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>2.14</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1.59</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>35</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">+ <B>Cash production cost per tonne of ore processed ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>92.79</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>76.21</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>22</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">+ <B>All-in sustaining cost per tonne of ore processed ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>138.55</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>116.99</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>18</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">+ <B>Cash cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>0.80</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>(0.87</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="12%" noWrap align=right><B>192</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%">+ <B>All-in sustaining cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>6.54</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>4.14</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>58</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Concentrate inventory</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Lead concentrate (tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>612</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1,254</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-51</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Zinc concentrate (tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>196</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>177</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>11</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Sales Data</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Silver (in thousands of ounces)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1,447</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1,672</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-13</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Gold (in thousands of ounces)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1.0</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1.1</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-9</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Lead (in thousands of pounds)</B></P></TD>

   <TD width="12%" noWrap align=right><B>14,175</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>17,779</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-20</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Zinc (in thousands of pounds)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1,521</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2,037</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-25</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Revenue</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Silver (in thousands of $)</B></P></TD>

   <TD width="12%" noWrap align=right><B>30,924</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>24,107</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>28</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Gold (in thousands of $)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1,508</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1,477</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Lead (in thousands of $)</B></P></TD>

   <TD width="12%" noWrap align=right><B>12,187</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>12,346</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-1</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Zinc (in thousands of $)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1,614</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1,371</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>18</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Other (in thousands of $)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>1,185</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>385</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>208</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>47,418</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>39,686</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>19</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Average Selling Price, Net of Value Added Tax and Smelter Charges</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Silver ($ per ounce)</B></P></TD>

   <TD width="12%" noWrap align=right><B>21.37</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>14.42</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>48</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Gold ($ per ounce)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1,508</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1,343</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>12</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Lead ($ per pound)</B></P></TD>

   <TD width="12%" noWrap align=right><B>0.86</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.69</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>25</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Zinc ($ per pound)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1.06</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.67</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>58</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">+ <FONT style="FONT-SIZE: 9pt">Alternative Performance (Non -IFRS) measures, see section 10 for reconciliation</FONT></P>

<P style="TEXT-ALIGN: justify">In Q1 Fiscal 2022, a total of 142,907 tonnes of ore were mined and 155,407 tonnes of ore were milled at the Ying Mining District, down 18% and 13%, compared to 174,176 tonnes mined and 177,689 tonnes milled in Q1 Fiscal 2021. The decrease was mainly due to the interruption arising from the Company&#8217;s mining contracts renewal</P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 6</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

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   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2021</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, except per share data or unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">negotiations as discussed above.</P>

<P style="TEXT-ALIGN: justify">Average head grades of ore processed were 279 g/t for silver, 4.2% for lead, and 0.8% for zinc compared to 293 g/t for silver, 4.6% for lead, and 0.8% for zinc in Q1 Fiscal 2021.</P>

<P style="TEXT-ALIGN: justify">Metals sold were approximately 1.4 million ounces of silver, 1,000 ounces of gold, 14.2 million pounds of lead, and 1.5 million pounds of zinc, compared to 1.7 million ounces of silver, 1,100 ounces of gold, 17.8 million pounds of lead, and 2.0 million pounds of zinc in Q1 Fiscal 2021.</P>

<P style="TEXT-ALIGN: justify">The per tonne costs at the Ying Mining District in Q1 Fiscal 2022 were mainly impacted by the same factors as the consolidated per tonne costs as discussed above, including i) a 9% appreciation of the Chinese yuan against the US dollar resulting in higher costs presented in the US dollar; ii) lower production resulting in higher per tonne fixed cost allocation, iii) an overall 14.5% increase in mining contractors&#8217; fee rate; and iv) an average 8% increase in frontline workers&#8217; pay rate at the Ying Mining District.</P>

<P style="TEXT-ALIGN: justify">In Q1 Fiscal 2022, the per tonne cash mining cost and milling cost at the Ying Mining District were $77.25 and $11.95, respectively, compared to $64.12 and $8.45 in Q1 Fiscal 2021. Correspondingly, the cash production cost per tonne of ore processed was $92.79, up 22% compared to $76.21 in Q1 Fiscal 2021. The all-in sustaining cost per tonne of ore processed was $138.55, up 18% compared to $116.99 in Q1 Fiscal 2021.</P>

<P style="TEXT-ALIGN: justify">In Q1 Fiscal 2022, the cash cost per ounce of silver and all in sustaining cost per ounce of silver, net of by-product credits, at the Ying Mining District were $0.80 and $6.54, respectively, compared to negative $0.87 and $4.14 in Q1 Fiscal 2021.</P>

<P style="TEXT-ALIGN: justify">In Q1 Fiscal 2022, a total of 89,189 metres or $3.9 million worth of diamond drilling were completed (Q1 Fiscal 2021 - 28,485 metres or $0.8 million), of which approximately 31,942 metres or $0.7 million worth of underground drilling were expensed as part of mining costs (Q1 Fiscal 2021 - 28,485 metres or $0.8 million) and approximately 57,247 metres or $3.3 million worth of drilling were capitalized (Q1 Fiscal 2021 - nil). In addition, approximately 6,501 metres or $2.5 million worth of preparation tunnelling were completed and expensed as part of mining costs (Q1 Fiscal 2021 - 6,207 metres or $1.8 million), and approximately 12,973 metres or $5.4 million worth of horizontal tunnels, raises, ramps, and declines were completed and capitalized (Q1 Fiscal 2021 - 23,108 metres or $7.8 million).</P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 7</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

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   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2021</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, except per share data or unless otherwise stated)</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><I>(ii)</I></TD>

   <TD noWrap align=left><B><I>GC Mine</I></B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The following table summarizes the operational information at the GC Mine for the three months ended June 30, 2021 and 2020:</P>

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<TR>

   <TD width="58%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD></TR>

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   <TD bgColor=#993300 width="58%" noWrap align=left><B><FONT color=#ffffff>GC Mine</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="40%" colSpan=5 noWrap align=right><B><FONT color=#ffffff>Three months ended June 30,</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

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   <TD bgColor=#993300 width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=right><B><FONT color=#ffffff>2021</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=right><FONT color=#ffffff>2020</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" noWrap align=right><B><FONT color=#ffffff>Changes</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Production Data</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Mine Data</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Ore Mined (tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>88,328</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>80,379</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>10</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Ore Milled (tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>87,670</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>84,637</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>4</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Head Grades</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Silver (gram/tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>80</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>93</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-14</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Lead (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1.5</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1.9</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-21</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Zinc (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>3.3</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>3.4</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-3</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Recovery Rates</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Silver (%) *</B></P></TD>

   <TD width="12%" noWrap align=right><B>84.1</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>82.8</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Lead (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>89.3</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>89.8</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-1</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 12%"><B>Zinc (%)</B></P></TD>

   <TD width="12%" noWrap align=right><B>89.3</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>87.3</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>2</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp; </TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Cost Data</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">+ <B>Mining cost per tonne of ore mined ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>49.46</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>43.50</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>14</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Cash mining cost per tonne of ore mined ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>38.32</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>35.13</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>9</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Depreciation and amortization charges per tonne of ore mined ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>11.14</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>8.37</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>33</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">+ <B>Milling cost per tonne of ore milled ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>15.95</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>13.14</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>21</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Cash milling cost per tonne of ore milled ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>14.58</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>11.95</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>22</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Depreciation and amortization charges per tonne of ore milled ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1.37</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>1.19</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>15</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">+ <B>Cash production cost per tonne of ore processed ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>52.90</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>47.08</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>12</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">+ <B>All-in sustaining cost per tonne of ore processed ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>71.67</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>65.84</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>9</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=left><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">+ <B>Cash cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>(17.96</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right>(6.59</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="12%" noWrap align=right><B>-173</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">+ <B>All-in sustaining cost per ounce of Silver, net of by-product credits ($)</B></P></TD>

   <TD width="12%" noWrap align=right><B>(7.98</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD width="12%" noWrap align=right>2.41</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-431</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Concentrate inventory</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Lead concentrate (tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>83</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>84</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-1</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Zinc concentrate (tonne)</B></P></TD>

   <TD width="12%" noWrap align=right><B>179</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>792</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-77</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Sales Data</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Silver (in thousands of ounces)</B></P></TD>

   <TD width="12%" noWrap align=right><B>195</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>200</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-3</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Lead (in thousands of pounds)</B></P></TD>

   <TD width="12%" noWrap align=right><B>2,635</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>3,106</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>-15</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Zinc (in thousands of pounds)</B></P></TD>

   <TD width="12%" noWrap align=right><B>5,734</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>4,921</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>17</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Revenue</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Silver (in thousands of $)</B></P></TD>

   <TD width="12%" noWrap align=right><B>3,070</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2,078</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>48</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Lead (in thousands of $)</B></P></TD>

   <TD width="12%" noWrap align=right><B>2,214</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2,028</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>9</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Zinc (in thousands of $)</B></P></TD>

   <TD width="12%" noWrap align=right><B>5,754</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>2,784</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>107</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Other (in thousands of $)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>363</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>129</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>181</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>11,401</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>7,019</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right><B>62</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Average Selling Price, Net of Value Added Tax and Smelter Charges</B></P></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Silver ($ per ounce) **</B></P></TD>

   <TD width="12%" noWrap align=right><B>15.74</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>10.39</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>51</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Lead ($ per pound)</B></P></TD>

   <TD width="12%" noWrap align=right><B>0.84</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.65</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>29</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Zinc ($ per pound)</B></P></TD>

   <TD width="12%" noWrap align=right><B>1.00</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right>0.57</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B>75</B></TD>

   <TD width="2%" noWrap align=left><B>%</B></TD></TR></TABLE></DIV>

<P align=justify>* <FONT style="FONT-SIZE: 9pt">Silver recovery includes silver recovered in lead concentrate and silver recovered in zinc concentrate.</FONT><BR>** <FONT style="FONT-SIZE: 9pt">Silver in zinc concentrate is subjected to higher smelter and refining charges which lowers the net silver selling price.</FONT><BR>+ <FONT style="FONT-SIZE: 9pt">Alternative Performance (Non-IFRS) measures, see section 10 for reconciliation</FONT></P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 8</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2021</B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, except per share data or unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">In Q1 Fiscal 2022, a total of 88,328 tonnes of ore were mined and 87,670 tonnes were milled at the GC Mine, up 10% and 4%, respectively, compared to 80,379 tonnes mined and 84,637 tonnes milled in Q1 Fiscal 2021.</P>

<P style="TEXT-ALIGN: justify">Average head grades of ore milled were 80 g/t for silver, 1.5% for lead, and 3.3% for zinc compared to 93 g/t for silver, 1.9% for lead, and 3.4% for zinc in Q1 Fiscal 2021.</P>

<P style="TEXT-ALIGN: justify">Metals sold were approximately 195 thousand ounces of silver, 2.6 million pounds of lead, and 5.7 million pounds of zinc, compared to 200 thousand ounces of silver, 3.1 million pounds of lead, and 4.9 million pounds of zinc in Q1 Fiscal 2021.</P>

<P style="TEXT-ALIGN: justify">The cash mining cost at the GC Mine was $38.32 per tonne, up 9% compared to $35.13 per tonne in Q1 Fiscal 2021, and the cash milling cost was $14.58 per tonne, compared to $11.95 in Q1 Fiscal 2021. The cash production cost per tonne was $52.90, up 12%, compared to $47.08 in Q1 Fiscal 2021. The all-in sustaining production cost per tonne of ore processed was $71.67, up 9%, compared to $65.84 in Q1 Fiscal 2021. Excluding the impact arising from the appreciation of Chinese yuan against US dollar, the all-in sustaining production cost per tonne at the GC Mine in Q1 Fiscal 2022 was comparable to the cost in Q1 Fiscal 2021.</P>

<P style="TEXT-ALIGN: justify">The cash cost per ounce of silver and all-in sustaining cost per ounce of silver, net of by-product credits, at the GC Mine, in Q1 Fiscal 2022, were negative $17.96 and negative $7.98, respectively, compared to negative $6.59 and $2.41 in Q1 Fiscal 2021. The improvement was mainly due to an increase of $18.02 in by-product credits per ounce of silver, offset by the increase in cash production cost and all-in production cost per tonne of ore processed as discussed above. Revenue from lead and zinc was $8.0 million, up $3.2 million, compared to $4.8 million in Q1 Fiscal 2021.</P>

<P style="TEXT-ALIGN: justify">In Q1 Fiscal 2022, approximately 18,724 metres or $0.6 million worth of underground diamond drilling (Q1 Fiscal 2021 - 8,212 metres or $0.3 million) and 454 metres or $0.3 million of tunnelling (Q1 Fiscal 2021 - 3,458 metres or $0.8 million) were completed and expensed as mining preparation costs at the GC Mine. In addition, approximately 4,290 metres or $1.2 million of horizontal tunnels, raises, and declines were completed and capitalized (Q1 Fiscal 2021 - 3,267 metres or $1.2 million).</P>

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   <TD noWrap align=left><I>(iii)</I></TD>

   <TD noWrap align=left><B><I>BYP Mine</I></B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The BYP Mine was placed on care and maintenance in August 2014 due to required capital upgrades to sustain its ongoing production and the market environment. The Company is carrying out activities to apply for a new mining license, but the process has taken longer than expected. No guarantee can be given that the new mining license for the BYP Mine will be issued, or if it is issued, that it will be issued under reasonable operational and/or financial terms, or in a timely manner, or that the Company will be in a position to comply with all conditions that are imposed.</P>

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   <TD noWrap align=left><I>(iv)</I></TD>

   <TD noWrap align=left><B><I>La Yesca Project</I></B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The Company, through its subsidiary New Infini Silver Inc. (&#8220;New Infini&#8221;), has received its drilling permit and initiated a 10,000-metre drilling program at La Yesca Project in Q1 Fiscal 2022.</P>

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   <TD noWrap align=left><I>(v)</I></TD>

   <TD noWrap align=left><B><I>Zhonghe Silver Project</I></B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The execution of the Transfer Contract for Zhonghe Silver Project is pending the national security clearance by the relevant Chinese authorities. No guarantee can be given that the national security clearance will be issued, or if it is issued, that it will be issued under reasonable operational and/or financial terms, or in a timely manner, or that the Company will be in a position to comply with all conditions that are imposed.</P>

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   <TD noWrap align=left><B>Annual Operating Outlook</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">All references to Fiscal 2022 Guidance in this MD&amp;A refer to the &#8220;Fiscal 2022 Operating Outlook&#8221; section in the Company&#8217;s Fiscal 2021 Annual MD&amp;A dated May 20, 2021 (&#8220;Fiscal 2022 Guidance&#8221;) filed under the Company&#8217;s SEDAR profile at www.sedar.com.</P>

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   <TD noWrap align=left>(i)</TD>

   <TD noWrap align=left>Production and Production Costs</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 9</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2021</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, except per share data or unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The following table summarizes the Q1 Fiscal 2022 production and production costs achieved compared to the respective Fiscal 2022 Guidance:</P>

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<TR>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

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   <TD width="10%"></TD></TR>

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   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="30%" colSpan=3 noWrap align=center><B><FONT color=#ffffff>Head grades</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="30%" colSpan=3 noWrap align=center><B><FONT color=#ffffff>Metal production</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="20%" colSpan=2 noWrap align=center><B><FONT color=#ffffff>Production costs</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>Ore processed</FONT></B></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>Silver</FONT></B></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>Lead</FONT></B></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>Zinc</FONT></B></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>Silver</FONT></B></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>Lead</FONT></B></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>Zinc</FONT></B></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>Cash cost</FONT></B></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>AISC</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>(tonnes)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>(g/t)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>(%)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>(%)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>(Koz)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>(Klbs)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>(Klbs)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>($/t)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>($/t)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="20%" colSpan=2 noWrap align=left><B><FONT color=#ffffff>Q1 Fiscal 2022 Actual Results</FONT></B></TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>Ying Mining District</TD>

   <TD width="10%" noWrap align=right><B>155,407</B></TD>

   <TD width="10%" noWrap align=right><B>279</B></TD>

   <TD width="10%" noWrap align=right><B>4.2</B></TD>

   <TD width="10%" noWrap align=right><B>0.8</B></TD>

   <TD width="10%" noWrap align=right><B>1,283</B></TD>

   <TD width="10%" noWrap align=right><B>13,278</B></TD>

   <TD width="10%" noWrap align=right><B>1,519</B></TD>

   <TD width="10%" noWrap align=right><B>92.79</B></TD>

   <TD width="10%" noWrap align=right><B>138.55</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>GC Mine</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>87,670</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>80</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>1.5</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>3.3</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>190</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2,600</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>5,679</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>52.90</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>71.67</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=left><B>Consolidated</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>243,077</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>207</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>3.2</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>1.7</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>1,474</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>15,878</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>7,198</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>77.55</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>131.48</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>.</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="10%" noWrap align=left><B>Fiscal 2022 Guidance</B></TD>

   <TD bgColor=#d9d9d9 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="10%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>Ying Mining District</TD>

   <TD width="10%" noWrap align=right>670,000 - 700,000</TD>

   <TD width="10%" noWrap align=right>284</TD>

   <TD width="10%" noWrap align=right>4.2</TD>

   <TD width="10%" noWrap align=right>0.9</TD>

   <TD width="10%" noWrap align=right>5,700-5,900</TD>

   <TD width="10%" noWrap align=right>57,200-59,800</TD>

   <TD width="10%" noWrap align=right>7,800-8,100</TD>

   <TD width="10%" noWrap align=right>87.1-91.7</TD>

   <TD width="10%" noWrap align=right>134.2-141.2</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>GC Mine</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>290,000 - 310,000</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>86</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>1.5</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>3.6</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>600-700</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>8,500-9,100</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>19,100-20,400</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>55.7-59.6</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>81.3-85.6</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=left><B>Consolidated</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>960,000 - 1,010,000</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>223</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>3.3</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>1.7</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>6,300-6,600</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>65,700-68,900</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>26,900-28,500</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>77.7-82.6</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>130.7-141.7</B></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="10%" noWrap align=right><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="20%" colSpan=2 noWrap align=left><B><FONT color=#ffffff>% of Fiscal 2022 Guidance*</FONT></B></TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>Ying Mining District</TD>

   <TD width="10%" noWrap align=right>23%</TD>

   <TD width="10%" noWrap align=right>98%</TD>

   <TD width="10%" noWrap align=right>100%</TD>

   <TD width="10%" noWrap align=right>89%</TD>

   <TD width="10%" noWrap align=right>22%</TD>

   <TD width="10%" noWrap align=right>23%</TD>

   <TD width="10%" noWrap align=right>19%</TD>

   <TD width="10%" noWrap align=right>104%</TD>

   <TD width="10%" noWrap align=right>101%</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>GC Mine</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>29%</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>93%</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>100%</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>92%</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>29%</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>30%</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>29%</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>92%</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>86%</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=left><B>Consolidated</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>25%</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>93%</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>97%</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>100%</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>23%</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>24%</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>26%</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>97%</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>97%</B></TD></TR></TABLE></DIV>

<P style="MARGIN-TOP: 0px; TEXT-ALIGN: justify">* <FONT style="FONT-SIZE: 9pt">Percentage calculated based on mid-point of the related Fiscal 2022 Guidance</FONT></P>

<P style="TEXT-ALIGN: justify">Notwithstanding the production decline in Q1 Fiscal 2022, the Company expects to increase production in the remaining three quarters and meet its annual guidance to produce between 6.3 - 6.6 million ounces of silver, 65.7 - 68.9 million pounds of lead, and 26.9 - 28.5 million pounds of zinc in Fiscal 2022.</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>(ii)</TD>

   <TD noWrap align=left>Development and Capital Expenditures</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The following table summarizes the Q1 Fiscal 2022 development work and capitalized expenditures compared to the respective Fiscal 2021 Guidance.</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="28%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="6%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="6%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD>

   <TD width="6%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="6%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="28%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="72%" colSpan=14 noWrap align=center><B><FONT color=#ffffff>Capitalized Development and Expenditures</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="28%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="16%" colSpan=3 noWrap align=right><B><FONT color=#ffffff>Exploration and Development</FONT></B></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Equipment &amp;</FONT></B></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="28%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="16%" colSpan=3 noWrap align=right><B><FONT color=#ffffff>Ramp Development</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Tunnels</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="16%" colSpan=3 noWrap align=right><B><FONT color=#ffffff>Capitalized Exploration Drilling</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Facilities</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="16%" colSpan=3 noWrap align=center><B><FONT color=#ffffff>Total</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="28%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="8%" noWrap align=right><B><FONT color=#ffffff>(Metres)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>($ Thousand)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="8%" noWrap align=right><B><FONT color=#ffffff>(Metres) </FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>($ Thousand)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="8%" noWrap align=right><B><FONT color=#ffffff>(Metres)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>($ Thousand)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>($ Thousand)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="8%" noWrap align=right><B><FONT color=#ffffff>(Metres)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>($ Thousand)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="28%" noWrap align=left><B><FONT color=#f2f2f2>Q1 Fiscal 2022 Actual Results</FONT></B></TD>

   <TD bgColor=#993300 width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Ying Mining District</TD>

   <TD width="8%" noWrap align=right>1,594</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>1,011</TD>

   <TD width="8%" noWrap align=right>11,379</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>4,569</TD>

   <TD width="8%" noWrap align=right>57,247</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>3,252</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>933</TD>

   <TD width="8%" noWrap align=right>70,220</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>9,765</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>GC Mine</TD>

   <TD width="8%" noWrap align=right>312</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>277</TD>

   <TD width="8%" noWrap align=right>3,978</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>904</TD>

   <TD width="8%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>28</TD>

   <TD width="8%" noWrap align=right>4,290</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>1,209</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>Corporate and other</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>114</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>84</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>198</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="28%" noWrap align=left><B>Consolidated</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>1,906</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>1,288</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>15,357</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>5,473</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>57,247</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>3,366</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>1,045</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>74,510</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>11,172</B></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left><B>&nbsp;</B></TD>

   <TD width="8%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="6%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="8%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="6%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="8%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="6%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="6%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="8%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="6%" noWrap align=right><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d9d9d9 width="28%" noWrap align=left><B>Fiscal 2022 Guidance</B></TD>

   <TD bgColor=#d9d9d9 width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#d9d9d9 width="6%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Ying Mining District</TD>

   <TD width="8%" noWrap align=right>6,100</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>5,200</TD>

   <TD width="8%" noWrap align=right>52,200</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>18,800</TD>

   <TD width="8%" noWrap align=right>50,000</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>3,500</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>6,300</TD>

   <TD width="8%" noWrap align=right>108,300</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>33,800</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>GC Mine</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>500</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>400</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>10,300</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>3,000</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>1,000</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>10,800</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>4,400</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="28%" noWrap align=left>Consolidated</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right>6,600</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>5,600</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right>62,500</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>21,800</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right>50,000</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>3,500</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>7,300</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right>119,100</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>38,200</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>&nbsp;</TD>

   <TD width="8%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="28%" noWrap align=left><B><FONT color=#f2f2f2>% of Fiscal 2022 Guidance</FONT></B></TD>

   <TD bgColor=#993300 width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Ying Mining District</TD>

   <TD width="8%" noWrap align=right>26%</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>19%</TD>

   <TD width="8%" noWrap align=right>22%</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>24%</TD>

   <TD width="8%" noWrap align=right>114%</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>93%</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>15%</TD>

   <TD width="8%" noWrap align=right>65%</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>29%</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>GC Mine</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>62%</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>69%</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>39%</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>30%</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>3%</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right>40%</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>27%</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="28%" noWrap align=left><B>Consolidated</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>29%</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>23%</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>25%</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>25%</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>114%</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>96%</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>14%</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=right><B>63%</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>29%</B></TD></TR></TABLE></DIV>

<P style="MARGIN-TOP: 0px; TEXT-ALIGN: justify">* <FONT style="FONT-SIZE: 9pt">Capitalized drilling includes surface diamond drilling and some underground drilling which was believed for the purpose to define additional mineral resources.</FONT></P>

<P style="TEXT-ALIGN: justify">The Company continues to carry out extensive drilling programs to define additional resources and to test gold mineralization at the Ying Mining District.</P>

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   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>4.</B></TD>

   <TD noWrap align=left><B>Investment in Associates</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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   <TD width="96%"></TD></TR>

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   <TD noWrap align=left><B>(a)</B></TD>

   <TD noWrap align=left><B>New Pacific Metals Corp. (&#8220;NUAG&#8221;)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">New Pacific Metals Corp. (&#8220;NUAG&#8221;) is a Canadian public company listed on the Toronto Stock Exchange (symbol: NUAG) and the NYSE American (symbol: NEWP). NUAG is a related party of the Company by way of two common directors and one common officer, and the Company accounts for its investment in NUAG using the equity method as it is able to exercise significant influence over the financial and operating policies of NUAG.</P>

<P style="TEXT-ALIGN: justify">As at June 30, 2021, the Company owned 43,917,216 common shares of NUAG (March 31, 2021 - 43,917,216), representing an ownership interest of 28.4% (March 31, 2021 - 28.6%). The summary of the investment in NUAG common shares and its market value as at the respective balance sheet dates are as follows:</P>

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   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

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   <TD style="BORDER-TOP: #000000 1px solid" width="33%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 10</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV><BR>

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<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2021</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, except per share data or unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<TR>

   <TD style="WIDTH: 58%"></TD>

   <TD style="WIDTH: 12%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 12%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>Value of NUAG's</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 12%" noWrap align=right>Number of</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>common shares per</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>shares</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center>Amount</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>quoted market price</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>Balance April 1, 2020</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=right>42,596,506</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>44,555</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>148,624</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>Participation in public offering</TD>

   <TD style="WIDTH: 12%" noWrap align=right>1,320,710</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>5,805</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>WHG Spin-out</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(1,793</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>Share of net loss</TD>

   <TD style="WIDTH: 12%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(1,672</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>Share of other comprehensive loss</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(2,324</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left>Foreign exchange impact</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>5,828</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left><B>Balance March 31, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=right><B>43,917,216</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>50,399</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>181,257</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>Share of net loss</TD>

   <TD style="WIDTH: 12%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>(260</TD>

   <TD style="WIDTH: 2%" noWrap align=left>)</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>Share of other comprehensive income</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>3,605</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left>Foreign exchange impact</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>707</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left><B>Balance June 30, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=right><B>43,917,216</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>54,451</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>211,188</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>(b)</B></TD>

   <TD noWrap align=left><B>Investment in Whitehorse Gold Corp. (&#8220;WHG&#8221;)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">WHG is a Canadian public company listed on the TSX Venture Exchange (symbol: WHG). The Company accounts for its investment in WHG using the equity method as it is able to exercise significant influence over the financial and operating policies of WHG.</P>

<P style="TEXT-ALIGN: justify">On May 14, 2021, the Company participated in a brokered private placement of WHG and purchased 4,000,000 units at a cost of $4,960. Each unit consisted of one WHG common share and one common share purchase warrant with exercise price of CAD$2 which expires on May 14, 2026.</P>

<P style="TEXT-ALIGN: justify">As at June 30, 2021, the Company owned 15,514,285 common shares of WHG (March 31, 2021 - 11,514,285), representing an ownership interest of 29.5% (March 31, 2021 - 27.0%). The summary of the investment in WHG common shares and its market value as at the respective balance sheet dates are as follows:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style= width="58%"></TD>

   <TD style= width="12%"></TD>

   <TD style= width="4%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style= width="58%" noWrap align=left>&nbsp;</TD>

   <TD style= width="12%" noWrap align=left>&nbsp;</TD>

   <TD style= width="4%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>Value of WHG's</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= width="58%" noWrap align=left>&nbsp;</TD>

   <TD style= width="12%" noWrap align=right>Number of</TD>

   <TD style= width="4%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>common shares per</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=right>shares</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=center>Amount</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>quoted market price</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left><B>Balance April 1, 2020</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= width="58%" noWrap align=left>Distributed under WHG spin-out</TD>

   <TD style= width="12%" noWrap align=right>5,740,285</TD>

   <TD style= width="4%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>1,793</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>Participation in private placement</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=right>5,774,000</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>1,326</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= width="58%" noWrap align=left>Share of net loss</TD>

   <TD style= width="12%" noWrap align=left>&nbsp;</TD>

   <TD style= width="4%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>(174</TD>

   <TD style= width="2%" noWrap align=left>)</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>Foreign exchange impact</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>113</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="58%" noWrap align=left><B>Balance March 31, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" noWrap align=right><B>11,514,285</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>3,058</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>15,108</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>Participation in private placement</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=right>4,000,000</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>4,960</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= width="58%" noWrap align=left>Share of net loss</TD>

   <TD style= width="12%" noWrap align=left>&nbsp;</TD>

   <TD style= width="4%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>(136</TD>

   <TD style= width="2%" noWrap align=left>)</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>Foreign exchange impact</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="12%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>(73</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="58%" noWrap align=left><B>Balance June 30, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" noWrap align=right><B>15,514,285</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>7,809</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>18,776</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 11</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV><BR>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2021</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, except per share data or unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>5.</B></TD>

   <TD noWrap align=left><B>Overview of Financial Results</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>(a)</B></TD>

   <TD noWrap align=left><B>Selected Annual and Quarterly Information</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The following tables set out selected quarterly results for the past nine quarters as well as selected annual results for the past two years. The dominant factors affecting results presented below are the volatility of the realized selling metal prices and the timing of sales.</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="28%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="28%" noWrap align=left><FONT color=#ffffff>Fiscal 2022</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="56%" colSpan=12 noWrap align=center><FONT color=#ffffff>Quarter Ended</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>Quarter Ended</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="28%" noWrap align=left><FONT color=#ffffff>(In thousands of USD, other than per share amounts)</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" align=right><FONT color=#ffffff>Jun 30, 2021</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>Sep 30, 2021</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" colSpan=2 noWrap align=right><FONT color=#ffffff>Dec 31, 2021</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>Mar 31, 2022</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>Jun 30, 2021</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Revenue</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>58,819</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right><B>$</B></TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>58,819</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>Cost of mine operations</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>33,315</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#fde9d9 width="10%" noWrap align=right><B>33,315</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left><B>Income from mine operations</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>25,504</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>25,504</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Corporate general and administrative expenses</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3,838</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>3,838</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Foreign exchange loss</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>450</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>450</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Share of loss in associates</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>396</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>396</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Loss (gain) on equity investments</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>722</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>722</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>Other items</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>314</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#fde9d9 width="10%" noWrap align=right><B>314</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left><B>Income from operations</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>19,784</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>19,784</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Finance items</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(1,265</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>(1,265</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>Income tax expenses (recovery)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>4,817</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#fde9d9 width="10%" noWrap align=right><B>4,817</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left><B>Net income</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>16,232</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>16,232</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><B>Net income attributable to equity holders of the Company</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>12,212</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>12,212</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Basic earnings per share</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.07</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>0.07</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Diluted earnings per share</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.07</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>0.07</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Cash dividend declared</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2,202</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>2,202</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Cash dividend declared per share</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.0125</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>0.013</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left><B>Other financial information</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Total assets</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>685,670</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Total liabilities</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>95,496</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Total attributable shareholders' equity</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>490,995</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="28%" noWrap align=left><FONT color=#ffffff>Fiscal 2021</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="56%" colSpan=12 noWrap align=center><FONT color=#ffffff>Quarter Ended</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>Year Ended</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="28%" noWrap align=left><FONT color=#ffffff>(In thousands of USD, other than per share amounts)</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" align=right><FONT color=#ffffff>Jun 30, 2020</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>Sep 30, 2020</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="12%" colSpan=2 noWrap align=right><FONT color=#ffffff>Dec 31, 2020</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>Mar 31, 2021</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>Mar 31, 2021</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Revenue</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>46,705</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>56,372</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>53,296</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>35,732</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right><B>$</B></TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>192,105</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>Cost of mine operations</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>27,420</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>29,700</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>28,495</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>22,328</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#fde9d9 width="10%" noWrap align=right><B>107,943</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left><B>Income from mine operations</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>19,285</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>26,672</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>24,801</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>13,404</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>84,162</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Corporate general and administrative expenses</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2,687</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2,784</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3,525</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>3,369</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>12,365</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Foreign exchange loss</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2,670</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,349</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2,954</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>773</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>7,746</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Share of loss in associates</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>161</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>319</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>550</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>816</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>1,846</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Loss (gain) on equity investments</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(5,466</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(2,771</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(600</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>1,105</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>(7,732</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>Other items</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(3,841</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>214</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(258</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>2,098</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#fde9d9 width="10%" noWrap align=right><B>(1,787</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#fde9d9 width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left><B>Income from operations</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>23,074</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>24,777</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>18,630</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>5,243</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>71,724</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Finance items</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(800</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(657</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>295</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>(617</B></TD>

   <TD width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>(1,779</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>Income tax expenses (recovery)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>5,382</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>5,877</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>6,046</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(4,311</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#fde9d9 width="10%" noWrap align=right><B>12,994</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left><B>Net income</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>18,492</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>19,557</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>12,289</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>10,171</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>60,509</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><B>Net income attributable to equity holders of the Company</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>15,491</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>15,472</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>8,392</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>7,021</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>46,376</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Basic earnings per share</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.09</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.09</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.05</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>0.04</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>0.27</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Diluted earnings per share</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.09</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.09</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.05</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>0.04</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>0.26</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Cash dividend declared</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2,178</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2,190</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>4,368</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Cash dividend declared per share</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.0125</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.0125</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>-</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>0.025</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left><B>Other financial information</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Total assets</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>652,642</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Total liabilities</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>86,914</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Total attributable shareholders' equity</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right><B>467,574</B></TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 12</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2021</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, except per share data or unless otherwise stated)</B></TD></TR></TABLE></DIV>

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   <TD bgColor=#993300 width="28%" noWrap align=left><FONT color=#ffffff>Fiscal 2020</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="56%" colSpan=12 noWrap align=center><FONT color=#ffffff>Quarter Ended</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>Year Ended</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="28%" noWrap align=left><FONT color=#ffffff>(In thousands of USD, other than per share amounts)</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>Jun 30, 2019</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>Sep 30, 2019</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>Dec 31, 2019</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>Mar 31, 2020</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>Mar 31, 2020</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Revenue</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>45,576</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>49,886</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>44,508</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>18,859</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=right>$</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right>158,829</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>Cost of mine operations</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>27,843</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>27,219</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>28,738</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>15,655</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#fde9d9 width="10%" noWrap align=right>99,455</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left><B>Income from mine operations</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>17,733</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>22,667</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>15,770</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3,204</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right>59,374</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Corporate general and administrative</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2,353</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2,583</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2,568</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2,590</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right>10,094</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Foreign exchange loss (gain)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>854</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(797</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>1,277</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(5,437</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right>(4,103</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Share of loss in associates</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>281</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>244</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>322</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>429</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right>1,276</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Dilution gain on investment in associate</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(723</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right>(723</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Gain on disposal of mineral rights and properties</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(1,477</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right>(1,477</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Gain on equity investments</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=center>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=center>-</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>Other items</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>386</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>519</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>160</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>1,080</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#fde9d9 width="10%" noWrap align=right>2,145</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left><B>Income from operations</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>16,059</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>20,118</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>11,443</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>4,542</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right>52,162</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Finance items</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(754</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(682</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(988</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>474</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right>(1,950</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" noWrap align=left>Income tax expenses (recovery)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(488</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>5,139</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>3,715</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>543</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#fde9d9 width="10%" noWrap align=right>8,909</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left><B>Net income</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>17,301</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>15,661</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>8,716</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3,525</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right>45,203</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><B>Net income attributable to equity holders of the Company</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>12,607</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>12,221</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>6,283</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>3,163</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right>34,274</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Basic earnings per share</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.07</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.07</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.04</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.02</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right>0.20</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Diluted earnings per share</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.07</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.07</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.04</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.02</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right>0.20</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Cash dividend declared</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2,125</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2,162</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right>4,287</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Cash dividend declared per share</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.0125</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>0.0125</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>-</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right>0.025</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left><B>Other financial information</B></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Total assets</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right>512,760</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Total liabilities</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right>73,788</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" noWrap align=left>Total attributable shareholders' equity</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#fde9d9 width="10%" noWrap align=right>368,682</TD>

   <TD bgColor=#fde9d9 width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>(b)</B></TD>

   <TD noWrap align=left><B>Overview of Q1 Fiscal 2022 Financial Results</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><B>Net income attributable to equity shareholders of the Company </B>in Q1 Fiscal 2022 was $12.2 million or $0.07 per share, compared to $15.5 million or $0.09 per share in Q1 Fiscal 2021.</P>

<P style="TEXT-ALIGN: justify">In Q1 Fiscal 2022, the Company&#8217;s consolidated financial results were mainly impacted by i) an increase of 48%, 12%, 25%, and 70%, respectively, in the realized selling prices for silver, gold, lead and zinc; offset by ii) a decrease of 12%, 9%, and 20%, respectively, in silver, gold, and lead sold; iii) lower production; and iv) the depreciation of the US dollar against the Company&#8217;s functional currencies, mainly the Chinese yuan and the Canadian dollar.</P>

<P style="TEXT-ALIGN: justify"><B>Revenue </B>in Q1 Fiscal 2022 was $58.8 million, up 26% or $12.1 million compared to $46.7 million in Q1 Fiscal 2021. The increase was mainly due to i) an increase of $19.3 million arising from the increase in the net realized selling metal prices; ii) an increase of $1.3 million arising from the increase in the quantities of zinc sold; offset by iii) a decrease of $8.5 million arising from the decrease in the quantities of silver, gold, and lead sold. Revenues from silver, gold, and base metal were $34.0 million, $1.5 million, and $23.3 million, respectively, up 30%, 2%, and 22%, respectively, compared to $26.2 million, $1.5 million, and $19.0 million in Q1 Fiscal 2021. Revenue from the Ying Mining District was $47.4 million, up 19%, compared to $39.7 million in Q1 Fiscal 2021. Revenue from the GC Mine was $11.4 million, up 62%, compared to $7.0 million in Q1 Fiscal 2021.</P>

<P style="TEXT-ALIGN: justify">Fluctuation in sales revenue is mainly dependent on metal sales and realized metal prices. The net realized selling price is calculated using the Shanghai Metal Exchange (&#8220;SME&#8221;) price, less smelter charges, recovery, and value added tax (&#8220;VAT&#8221;). The metal prices quoted on SME, excluding gold, include VAT. The following table is a comparison among the Company&#8217;s net realized selling prices, prices quoted on SME, and prices quoted on London Metal Exchange (&#8220;LME&#8221;):</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="20%"></TD>

   <TD width="2%"></TD>

   <TD width="6%"></TD>

   <TD width="4%"></TD>

   <TD width="6%"></TD>

   <TD width="4%"></TD>

   <TD width="6%"></TD>

   <TD width="4%"></TD>

   <TD width="6%" align=center></TD>

   <TD width="4%"></TD>

   <TD width="6%"></TD>

   <TD width="4%"></TD>

   <TD width="6%"></TD>

   <TD width="4%"></TD>

   <TD width="6%"></TD>

   <TD width="4%"></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="20%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="16%" colSpan=3 noWrap align=center><B><FONT color=#ffffff>Silver (in US$/ounce)</FONT></B></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="16%" colSpan=3 noWrap align=right><B><FONT color=#ffffff>Gold (in US$/ounce)</FONT></B></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="16%" colSpan=3 noWrap align=center><B><FONT color=#ffffff>Lead (in US$/pound)</FONT></B></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="16%" colSpan=3 noWrap align=center><B><FONT color=#ffffff>Zinc (in US$/pound)</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="20%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" align=right><B><FONT color=#ffffff>Q1 2022</FONT></B></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Q1 2021</FONT></B></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Q1 2022</FONT></B></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Q1 2021</FONT></B></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Q1 2022</FONT></B></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Q1 2021</FONT></B></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Q1 2022</FONT></B></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Q1 2021</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left><B>Net realized selling prices</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>20.70</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>13.99</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>1,508</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>1,343</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>0.86</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>0.69</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>1.02</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=center>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>0.60</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="20%" noWrap align=left><B>SME</B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" noWrap align=right><B>27.18</B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" noWrap align=right>17.30</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" noWrap align=right><B>1,819</B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" noWrap align=right>1,682</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" noWrap align=right><B>1.07</B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" noWrap align=right>0.92</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" noWrap align=right><B>1.55</B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" noWrap align=center>$</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" noWrap align=right>1.06</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="2%" noWrap align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="20%" noWrap align=left><B>LME</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="6%" noWrap align=right><B>26.69</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="6%" noWrap align=right>16.33</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="6%" noWrap align=right><B>1,816</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="6%" noWrap align=right>1,711</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="6%" noWrap align=right><B>0.97</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="6%" noWrap align=right>0.76</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="4%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="6%" noWrap align=right><B>1.33</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="4%" noWrap align=center>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#fde9d9 width="6%" noWrap align=right>0.89</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=center>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 13</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2021</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, except per share data or unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><B>Cost of mine operations </B>in Q1 Fiscal 2022 was $33.3 million, up 21% compared to $27.4 million in Q1 Fiscal 2021.</P>

<P style="TEXT-ALIGN: justify">Items included in cost of mine operations are as follows:</P>

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   <TD style="WIDTH: 58%"></TD>

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   <TD style="WIDTH: 10%"></TD>

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<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B>Q1 Fiscal 2022</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>Q1 Fiscal 2021</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>Change</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>Production costs</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>22,485</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>17,747</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>27</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>%</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>Depreciation and amortization</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>6,214</B></TD>

   <TD style="WIDTH: 14%" noWrap align=right>5,740</TD>

   <TD style="WIDTH: 14%" noWrap align=right>8</TD>

   <TD style="WIDTH: 2%" noWrap align=left>%</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>Mineral resource taxes</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,413</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>1,336</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>6</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>%</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>Government fees and other taxes</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>691</B></TD>

   <TD style="WIDTH: 14%" noWrap align=right>540</TD>

   <TD style="WIDTH: 14%" noWrap align=right>28</TD>

   <TD style="WIDTH: 2%" noWrap align=left>%</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>General and administrative</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>2,512</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>2,057</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>22</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>%</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>33,315</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>27,420</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>21</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>%</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Production costs expensed in Q1 Fiscal 2022 were $22.5 million, up 27% compared to $17.7 million in Q1 Fiscal 2021. The increase was mainly due to the increase in per tonne production costs.</P>

<P style="TEXT-ALIGN: justify">The increases in the mineral resource taxes and government fees and other taxes were mainly due to higher revenue achieved in Q1 Fiscal 2022. Government fees and other taxes are comprised of environmental protection fees, surtaxes on VAT, land usage levies, stamp duties and other miscellaneous levies, duties and taxes imposed by the state and local Chinese governments.</P>

<P style="TEXT-ALIGN: justify">General and administrative expenses for the mine operations in Q1 Fiscal 2022 were $2.5 million, up 22% compared to $2.1 million in Q1 Fiscal 2021. The increase was mainly due to an average 7% increase in frontline workers&#8217; pay rate and the contribution to employees&#8217; social welfare funds returned to the normal rate. In Q1 Fiscal 2021, a reduced contribution rate to employees&#8217; social welfare funds was granted by the Chinese government due to Covid-19. Items included in general and administrative expenses for the mine operations are as follows:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 58%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 14%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>Q1 Fiscal 2022</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>Q1 Fiscal 2021</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>Change</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>Amortization and depreciation</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>335</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>288</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>16</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>%</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>Office and administrative expenses</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>685</B></TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>591</TD>

   <TD style="WIDTH: 14%" noWrap align=right>16</TD>

   <TD style="WIDTH: 2%" noWrap align=left>%</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>Professional Fees</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>106</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>113</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>-6</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>%</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left>Salaries and benefits</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>1,386</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>1,065</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>30</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>%</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>2,512</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,057</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>22</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>%</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><B>Income from mine operations </B>in Q1 Fiscal 2022 was $25.5 million, up 32% compared to $19.3 million in prior year quarter. Income from mine operations at the Ying Mining District was $21.2 million, up 20% compared to $17.6 million in Q1 Fiscal 2021. Income from mine operations at the GC Mine was $4.4 million, up 144% compared to $1.8 million in Q1 Fiscal 2021.</P>

<P style="TEXT-ALIGN: justify"><B>Corporate general and administrative expenses </B>in Q1 Fiscal 2022 were $3.8 million, up $1.1million, compared to $2.7 million in Q1 Fiscal 2021. The increase was mainly due to an increase of $1.3 million in share-based compensation from additional share awards granted in Q1 Fiscal 2022. Items included in corporate general and administrative expenses are as follows:</P>

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<TR>

   <TD style="WIDTH: 58%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 14%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>Q1 Fiscal 2022</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>Q1 Fiscal 2021</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>Change</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>Amortization and depreciation</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>146</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>120</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>22</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>%</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>Office and administrative expenses</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>568</B></TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>536</TD>

   <TD style="WIDTH: 14%" noWrap align=right>6</TD>

   <TD style="WIDTH: 2%" noWrap align=left>%</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>Professional Fees</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>145</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>318</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>-54</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>%</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" noWrap align=left>Salaries and benefits</TD>

   <TD style="WIDTH: 2%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right><B>988</B></TD>

   <TD style="WIDTH: 4%" noWrap align=left>&nbsp;</TD>

   <TD style="WIDTH: 10%" noWrap align=right>1,033</TD>

   <TD style="WIDTH: 14%" noWrap align=right>-4</TD>

   <TD style="WIDTH: 2%" noWrap align=left>%</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="58%" noWrap align=left>Share-based compensation</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>1,991</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>680</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="14%" noWrap align=right>193</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>%</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="58%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>3,838</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>2,687</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%" noWrap align=right>43</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>%</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><B>Property evaluation and business development expenses </B>in Q1 Fiscal 2022 was $0.4 million, compared to a recovery of $3.8 million in Q1 Fiscal 2021. In Q1 Fiscal 2021, a break fee of $6.5 million, net of expenses of $2.5 million, was included as a recovery of property evaluation and business development expenses.</P>

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   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 14</B></TD></TR></TABLE></DIV>

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<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2021</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, except per share data or unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><B>Foreign exchange loss </B>in Q1 Fiscal 2022 was $0.5 million compared to a loss of $2.7 million in Q1 Fiscal 2021. The foreign exchange loss is mainly due to the depreciation of the US dollar against the Canadian dollar.</P>

<P style="TEXT-ALIGN: justify"><B>Loss on disposal of plant and equipment </B>in Q1 Fiscal 2022 was $85 thousands compared to $0.2 million in Q1 Fiscal 2021. The loss was related to the disposal of obsolete equipment.</P>

<P style="TEXT-ALIGN: justify"><B>Share of loss in an associate </B>in Q1 Fiscal 2022 was $0.4 million, compared to $0.2 million in Q1 Fiscal 2021. Share of loss in an associate represents the Company&#8217;s equity pickup in NUAG and WHG.</P>

<P style="TEXT-ALIGN: justify"><B>Loss on equity investments </B>in Q1 Fiscal 2022 was $0.7 million, compared to a gain of $5.5 million in Q1 Fiscal 2021.</P>

<P style="TEXT-ALIGN: justify"><B>Finance income </B>in Q1 Fiscal 2022 was $1.4 million compared to $0.9 million in Q1 Fiscal 2021. The Company invests in short-term investments which include term deposits, money market instruments, and bonds.</P>

<P style="TEXT-ALIGN: justify"><B>Income tax expenses </B>in Q1 Fiscal 2022 were $4.8 million, down $0.6 million compared to $5.4 million in Q1 Fiscal 2021. The income tax expense recorded in Q1 Fiscal 2022 included a current income tax expense of $4.0 million (Q1 Fiscal 2021 - $4.6 million) and a deferred income tax expense of $0.8 million (Q1 Fiscal 2021 - $0.8 million). The current income tax expenses in Q1 Fiscal 2022 included withholding tax expenses of $1.5 million (Q1 Fiscal 2021- $1.1 million), which was paid at a rate of 10% on dividends distributed out of China.</P>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>6.</B></TD>

   <TD noWrap align=left><B>Liquidity and Capital Resources</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="58%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="58%" noWrap align=left><B><FONT color=#ffffff>As at</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>June 30, 2021</FONT></B></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" align=right><B><FONT color=#ffffff>March 31, 2021</FONT></B></TD>

   <TD bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>Changes</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>Cash and cash equivalents</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>171,458</B></TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>118,735</TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>52,723</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left>Short-term investment</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>42,968</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>80,357</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(37,389</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>214,426</B></TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>199,092</TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>15,334</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="10%" noWrap align=right><B>&nbsp;</B></TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>&nbsp;</TD>

   <TD width="4%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="58%" noWrap align=left>Working capital</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>188,905</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>184,014</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>4,891</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="58%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="58%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="38%" colSpan=7 noWrap align=center><B><FONT color=#ffffff>Three months ended June 30,</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="58%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>2021</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="2%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>2020</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="12%" colSpan=2 noWrap align=right><B><FONT color=#ffffff>Changes</FONT></B></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Cash flow</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Cash provided by operating activities</P></TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>36,452</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>30,142</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>6,310</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Cash provided (used) in investing activities</P></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>20,484</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(965</TD>

   <TD width="2%" noWrap align=left>)</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>21,449</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Cash used in financing activities</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>(5,500</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(3,294</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(2,206</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left><B>Increase (decrease) in cash and cash equivalents</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>51,436</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>25,883</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>25,553</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" noWrap align=left>Effect of exchange rate changes on cash and cash equivalents</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>1,287</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2,364</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(1,077</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" noWrap align=left>Cash and cash equivalents, beginning of the period</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>118,735</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>65,777</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>52,958</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="58%" noWrap align=left><B>Cash and cash equivalents, end of the period</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>171,458</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>94,024</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>77,434</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><B>Cash, cash equivalents and short-term investments </B>as at June 30, 2021 were $214.4 million, up 8% or $15.3 million, compared to $199.1 million as at March 31, 2021.</P>

<P style="TEXT-ALIGN: justify"><B>Working capital </B>as at June 30, 2021 was $188.9 million, up 3% or $4.9 million, compared to $184.0 million as at March 31, 2021.</P>

<P style="TEXT-ALIGN: justify"><B>Cash flow provided by operating activities </B>in Q1 Fiscal 2022 was $36.5 million, up 21% or $6.3 million, compared to $30.1 million in Q1 Fiscal 2021. The increase was due to:</P>

<UL>

<LI>

<P align=justify>$27.4 million cash flow from operating activities before changes in non-cash operating working capital, up 20% or $4.5 million, compared to $22.9 million in Q1 Fiscal 2021; and</P>

<LI>

<P align=justify>$9.1 million cash flow from changes in non-cash working capital, compared to $7.2 million in Q1 Fiscal 2021.</P></LI></UL>

<P style="TEXT-ALIGN: justify"><B>Cash flow provided by investing activities </B>in Q1 Fiscal 2022 was $20.5 million, up $21.4 million, compared to $1.0 million cash used in Q1 Fiscal 2021, and comprised mostly of:</P>

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<TR>

   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 15</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center SIZE=1 width="100%" noShade>

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   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2021</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, except per share data or unless otherwise stated)</B></TD></TR></TABLE></DIV>

<UL>

<LI>

<P align=justify>$10.0 million spent on mineral exploration and development expenditures (Q1 Fiscal 2021 - $7.9 million);</P>

<LI>

<P align=justify>$1.2 million spent to acquire plant and equipment (Q1 Fiscal 2021 - $0.8million);</P>

<LI>

<P align=justify>$5.0 million spent on investment in associate (Q1 Fiscal 2021 - $5.8 million); and,</P>

<LI>

<P align=justify>$2.6 million spent on the acquisition of other investments (Q1 Fiscal 2021 - $5.5 million); offset by</P>

<LI>

<P align=justify>$38.5 million proceeds from the net redemptions of short-term investments (Q1 Fiscal 2021 - $0.9 million spent on net purchase); and</P>

<LI>

<P align=justify>$0.8 million proceeds from disposal of other investments (Q1 Fiscal 2021 - $16.6 million).</P></LI></UL>

<P style="TEXT-ALIGN: justify"><B>Cash flow used in financing activities </B>in Q1 Fiscal 2022 was $5.5 million, compared to $3.3 million in Q1 Fiscal 2021, and comprised mostly of:</P>

<UL>

<LI>

<P align=justify>$0.2 million lease payment (Q1 Fiscal 2021 - $0.1 million);</P>

<LI>

<P align=justify>$3.9 million in distributions to non-controlling shareholders (Q1 Fiscal 2021 - $3.2 million);</P>

<LI>

<P align=justify>$2.2 million cash dividends paid (Q1 Fiscal 2021 - $2.2 million); offset by</P>

<LI>

<P align=justify>$nil repayment received from the non-controlling shareholder of Henan Found (Q1 Fiscal 2021 - $1.4 million); and</P>

<LI>

<P align=justify>$0.8 million cash received arising from exercise of stock options (Q1 Fiscal 2021 - $0.8 million).</P></LI></UL>

<P style="TEXT-ALIGN: justify"><B>Available sources of funding</B></P>

<P style="TEXT-ALIGN: justify">The Company does not have unlimited resources and its future capital requirements will depend on many factors, including, among others, cash flow from operations. To the extent that its existing resources and the funds generated by future income are insufficient to fund the Company&#8217;s operations, the Company may need to raise additional funds through public or private debt or equity financing. If additional funds are raised through the issuance of equity securities, the percentage ownership of current shareholders will be reduced, and such equity securities may have rights, preferences or privileges senior to those of the holders of the Company&#8217;s common shares. No assurance can be given that additional financing will be available or that, if available, can be obtained on terms favourable to the Company and its shareholders. If adequate funds are not available, the Company may be required to delay, limit or eliminate some or all of its proposed operations. The Company believes it has sufficient capital to meet its cash needs for the next 12 months, including the cost of compliance with continuing reporting requirements.</P>

<DIV align=left>

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   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>7.</B></TD>

   <TD noWrap align=left><B>Financial Instruments and Related Risks</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The Company manages its exposure to financial risks, including liquidity risk, foreign exchange risk, interest rate risk, credit risk and equity price risk in accordance with its risk management framework. The Company&#8217;s Board of Directors has overall responsibility for the establishment and oversight of the Company&#8217;s risk management framework and reviews the Company&#8217;s policies on an ongoing basis.</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(a) <I>Fair value</I></P>

<P style="TEXT-ALIGN: justify">The Company classifies its fair value measurements within a fair value hierarchy, which reflects the significance of the inputs used in making the measurements as defined in IFRS 13, Fair Value Measurement (&#8220;IFRS 13&#8221;). Level 1 - Unadjusted quoted prices at the measurement date for identical assets or liabilities in active markets.</P>

<P style="TEXT-ALIGN: justify">Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.</P>

<P style="TEXT-ALIGN: justify">Level 3 - Unobservable inputs which are supported by little or no market activity.</P>

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   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 16</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV><BR>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2021</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, except per share data or unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The following tables set forth the Company&#8217;s financial assets and liabilities that are measured at fair value level on a recurring basis within the fair value hierarchy as at June 30, 2021 and March 31, 2021 that are not otherwise disclosed. As required by IFRS 13, the assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style= width="44%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="4%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="4%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="4%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style= width="44%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="52%" colSpan=7 noWrap align=center><B>Fair value as at June 30, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left><B>Recurring measurements</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>Level 1</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>Level 2</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>Level 3</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>Total</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left><B>Financial assets</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= width="44%" noWrap align=left>Cash and cash equivalents</TD>

   <TD style= width="2%" noWrap align=right><B>$</B></TD>

   <TD style= width="10%" noWrap align=right><B>171,458</B></TD>

   <TD style= width="4%" noWrap align=right><B>$</B></TD>

   <TD style= width="10%" noWrap align=right><B>-</B></TD>

   <TD style= width="4%" noWrap align=right><B>$</B></TD>

   <TD style= width="10%" noWrap align=right><B>-</B></TD>

   <TD style= width="4%" noWrap align=right>$</TD>

   <TD style= width="10%" noWrap align=right><B>171,458</B></TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Short-term investments - money market instruments</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>21,813</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>21,813</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= width="44%" noWrap align=left>Investments in public companies</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>13,278</B></TD>

   <TD style= width="4%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>-</B></TD>

   <TD style= width="4%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>-</B></TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right><B>13,278</B></TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Investments in private companies</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>4,304</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right><B>4,304</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= width="44%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="38%" colSpan=5 noWrap align=right>&nbsp;</TD>

   <TD style= width="4%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=left>&nbsp;</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= width="44%" noWrap align=left>&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="52%" colSpan=7 noWrap align=center>Fair value as at March 31, 2021</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left><B>Recurring measurements</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>Level 1</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>Level 2</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>Level 3</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>Total</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left><B>Financial assets</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= width="44%" noWrap align=left>Cash and cash equivalents</TD>

   <TD style= width="2%" noWrap align=right>$</TD>

   <TD style= width="10%" noWrap align=right>65,777</TD>

   <TD style= width="4%" noWrap align=right>$</TD>

   <TD style= width="10%" noWrap align=right>-</TD>

   <TD style= width="4%" noWrap align=right>$</TD>

   <TD style= width="10%" noWrap align=right>-</TD>

   <TD style= width="4%" noWrap align=right>$</TD>

   <TD style= width="10%" noWrap align=right>65,777</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Short-term investments - money market instruments</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>53,430</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>53,430</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style= width="44%" noWrap align=left>Investments in public companies</TD>

   <TD style= width="2%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>6,633</TD>

   <TD style= width="4%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>-</TD>

   <TD style= width="4%" noWrap align=left>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>-</TD>

   <TD style= width="4%" noWrap align=right>&nbsp;</TD>

   <TD style= width="10%" noWrap align=right>6,633</TD>

   <TD style= width="2%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="44%" noWrap align=left>Investments in private companies</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,117</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="10%" noWrap align=right>2,117</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" width="2%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Fair value of the other financial instruments excluded from the table above approximates their carrying amount as at June 30, 2021 and March 31, 2021, due to the short-term nature of these instruments.</P>

<P style="TEXT-ALIGN: justify">There were no transfers into or out of Level 3 during the years ended June 30, 2021 and 2020.</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(b) <I>Liquidity risk</I></P>

<P style="TEXT-ALIGN: justify">Liquidity risk is the risk that the Company will not be able to meet its short-term business requirements. The Company has in place a planning and budgeting process to help determine the funds required to support the Company&#8217;s normal operating requirements on an ongoing basis and its expansion plans.</P>

<P style="TEXT-ALIGN: justify">In the normal course of business, the Company enters into contracts that give rise to commitments for future minimum payments. The following summarizes the remaining contractual maturities of the Company&#8217;s financial liabilities.</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style= width="44%"></TD>

   <TD style= width="2%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="4%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="4%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="4%"></TD>

   <TD style= width="10%"></TD>

   <TD style= width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=5 align=center><B>June 30, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>March 31, 2021</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>Within a year</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>2-5 years</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>Total</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>Total</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Accounts payable and accrued liabilities</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>33,698</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>33,698</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>30,298</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Lease obligation</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>671</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>941</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>1,612</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>1,741</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>34,369</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>941</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>35,310</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>32,039</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(c) <I>Foreign exchange risk</I></P>

<P style="TEXT-ALIGN: justify">The Company reports its financial statements in US dollars. The functional currency of the head office, Canadian subsidiaries and all intermediate holding companies is CAD and the functional currency of all Chinese subsidiaries is RMB. The functional currency of New Infini and its subsidiaries is USD. The Company is exposed to foreign exchange risk when the Company undertakes transactions and holds assets and liabilities in currencies other than its functional currencies.</P>

<P style="TEXT-ALIGN: justify">The Company currently does not engage in foreign exchange currency hedging. The Company's exposure to currency risk affect net income is summarized as follows:</P>

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<TR>

   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 17</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV><BR>

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<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2021</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, except per share data or unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 72%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>June 30, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>March 31, 2021</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>Financial assets denominated in U.S. Dollars</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>73,888</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>58,610</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>Financial liabilities denominated in U.S. Dollars</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>9</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>52</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">As at June 30, 2021, with other variables unchanged, a 10% strengthening (weakening) of the CAD against the USD would have decreased (increased) net income by approximately $7.4 million.</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(d) <I>Interest rate risk</I></P>

<P style="TEXT-ALIGN: justify">The Company is exposed to interest rate risk on its cash equivalents and short-term investments. As at June 30, 2021, all of its interest-bearing cash equivalents and short-term investments earn interest at market rates that are fixed to maturity or at variable interest rates with terms of less than one year. The Company monitors its exposure to changes in interest rates on cash equivalents and short-term investments. Due to the short-term nature of these financial instruments, fluctuations in interest rates would not have a significant impact on the Company&#8217;s net income.</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 4%">(e) <I>Credit risk</I></P>

<P style="TEXT-ALIGN: justify">Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company is exposed to credit risk primarily associated to accounts receivable, due from related parties, cash and cash equivalents, and short-term investments. The carrying amount of assets included on the balance sheet represents the maximum credit exposure.</P>

<P style="TEXT-ALIGN: justify">The Company undertakes credit evaluations on counterparties as necessary, requests deposits from customers prior to delivery, and has monitoring processes intended to mitigate credit risks. There were no material amounts in trade or other receivables which were past due on June 30, 2021 (at March 31, 2021 - $nil).</P>

<P style="TEXT-ALIGN: justify">(f) <I>Equity price risk</I></P>

<P style="TEXT-ALIGN: justify">The Company holds certain marketable securities that will fluctuate in value as a result of trading on Canadian financial markets. As the Company&#8217;s marketable securities holdings are mainly in mining companies, the value will also fluctuate based on commodity prices. Based upon the Company&#8217;s portfolio as at June 30, 2021, a 10% increase (decrease) in the market price of the securities held, ignoring any foreign currency effects, would have resulted in an increase (decrease) to the net income and other comprehensive income of $1.1 million and $0.3 million, respectively.</P>

<DIV align=left>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>8.</B></TD>

   <TD noWrap align=left><B>Off-Balance Sheet Arrangements</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The Company does not have any off-balance sheet arrangements.</P>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>9.</B></TD>

   <TD noWrap align=left><B>Transactions with Related Parties</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Related party transactions are made on terms agreed upon with the related parties. The balances with related parties are unsecured. Related party transactions not disclosed elsewhere in this MD&amp;A are as follows:</P>

<DIV align=left>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>(i)</TD>

   <TD noWrap align=left><I>Due from related parties</I></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 72%"></TD>

   <TD style="WIDTH: 2%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 4%"></TD>

   <TD style="WIDTH: 10%"></TD>

   <TD style="WIDTH: 2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>Due from related parties</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>June 30, 2021</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>March 31, 2021</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>NUAG (a)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>48</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>59</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>WHG (b)</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B>37</B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>19</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>Henan Non-ferrous (c)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>789</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>769</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>874</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>847</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

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   <TD style="BORDER-TOP: #000000 1px solid" width="33%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 18</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2021</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, except per share data or unless otherwise stated)</B></TD></TR></TABLE></DIV>

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   <TD vAlign=top width="4%" noWrap>(a)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>The Company recovers costs for services rendered to NUAG and expenses incurred on behalf of NUAG pursuant to a services and administrative costs reallocation agreement. During the three months ended June 30, 2021, the Company recovered $163 (three months ended June 30, 2020 - $161), from NUAG for services rendered and expenses incurred on behalf of NUAG. The costs recovered from NUAG were recorded as a direct reduction of general and administrative expenses on the consolidated statements of income.</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">

   <P align=justify></P>&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>(b)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>The Company recovers costs for services rendered to WHG and expenses incurred on behalf of WHG pursuant to a services and administrative costs reallocation agreement. During the three months ended June 30, 2021, the Company recovered $58 (three months ended June 30, 2020 - $nil), from WHG for services rendered and expenses incurred on behalf of WHG. The costs recovered from WHG were recorded as a direct reduction of general and administrative expenses on the consolidated statements of income.</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="96%">

   <P align=justify></P>&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>(c)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>In January 2021, Henan Found advanced a loan of $744 (RMB&#165;5 million) to Henan Non-ferrous. The loan bears an interest rate of 4.35% per annum.</P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify">The balances with related parties are unsecured.</P>

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   <TD noWrap align=left><B>10.</B></TD>

   <TD noWrap align=left><B>Alternative Performance (Non-IFRS) Measures</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The following alternative performance measures are used by the Company to manage and evaluate operating performance of the Company&#8217;s mines and are widely reported in the silver mining industry as benchmarks for performance but are alternative performance (non-IFRS) measures that do not have standardized meaning prescribed by IFRS and therefore unlikely to be comparable to similar measures presented by other companies. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. To facilitate a better understanding of these measures, the tables in this section provide the reconciliation of these measures to the financial statements for the three months ended June 30, 2021 and 2020:</P>

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   <TD width="4%"></TD>

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   <TD noWrap align=left>(a)</TD>

   <TD noWrap align=left>Adjusted Earnings and Adjusted Earnings per Share</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Adjusted earnings and adjusted earnings per share are non-IFRS measures and supplement information to the Company&#8217;s consolidated financial statements. The Company believes that, in addition to the conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use this information to evaluate the Company&#8217;s underlying core operating performance. The presentation of adjusted earnings and adjusted earnings per share is not meant to be a substitute of net income and net income per share presented in accordance with IFRS, but rather should be evaluated in conjunction with such IFRS measure.</P>

<P style="TEXT-ALIGN: justify">The Company defines the adjusted earnings as net income adjusted to exclude certain non-cash and unusual items, and items that in the Company&#8217;s judgment are subject to volatility as a result of factors which are unrelated to the Company&#8217;s operation in the period, and/or relate to items that will settle in future period, including impairment adjustments and reversal, foreign exchange gain or loss, dilution gain or loss, share-based compensation, share of gain or loss of associates, gain or loss on mark-to-market equity investments designated as FVTPL, and other non-recurring items. Certain items that become applicable in a period may be adjusted for, with the Company retroactively presenting comparable periods with an adjustment for such items and, conversely, items no longer applicable may be removed from the calculation. The following table provides a detailed reconciliation of net income as reported in the Company&#8217;s consolidated financial statements to adjusted earnings and adjusted earning per share.</P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 19</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2021</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, except per share data or unless otherwise stated)</B></TD></TR></TABLE></DIV>

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<DIV align=left>

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<TR>

   <TD width="72%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="24%" colSpan=3 noWrap align=center><B><FONT color=#ffffff>Three months ended June 30,</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="72%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><B><FONT color=#ffffff>2021</FONT></B></TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#993300 width="4%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="10%" noWrap align=right><FONT color=#ffffff>2020</FONT></TD>

   <TD bgColor=#993300 width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="72%" noWrap align=left><B>Net income as reported for the period</B></TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>16,232</B></TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>18,492</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="72%" noWrap align=left><B>Adjustments, net of tax</B></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Share-base compensation included in general and administrative</P></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>1,991</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>680</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="72%" align=left>

   <P style="MARGIN-LEFT: 4%">One time break fee recovery included in property evaluation and business development</P></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>-</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>(3,970</TD>

   <TD width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Foreign exchange loss</P></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>450</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>2,670</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Share of loss in assoicates</P></TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B>396</B></TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right>161</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%">Loss (gain) on equity investments designated as FVTPL</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>722</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>(5,466</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left><B>Adjusted earnings for the period</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>19,791</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>12,567</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left>Non-controlling interest as reported</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>4,020</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>3,001</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left><B>Adjusted earnings attributable to equity holders</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B>15,771</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>9,566</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="84%" colSpan=3 noWrap align=left>Adjusted earnings per share attributable to the equity shareholders of the Company</TD>

   <TD width="4%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="72%" noWrap align=left><B>Basic adjusted earning per share</B></TD>

   <TD width="2%" noWrap align=right><B>$</B></TD>

   <TD width="10%" noWrap align=right><B>0.09</B></TD>

   <TD width="4%" noWrap align=right>$</TD>

   <TD width="10%" noWrap align=right>0.05</TD>

   <TD width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="72%" noWrap align=left><B>Diluted adjusted earning per share</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right><B>0.09</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>0.05</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="72%" noWrap align=left>Basic weighted average shares outstanding</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" colSpan=2 noWrap align=right><B>175,953,077</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right>173,997,464</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="72%" noWrap align=left>Diluted weighted average shares outstanding</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" colSpan=2 noWrap align=right><B>178,524,536</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="4%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" noWrap align=right>176,414,612</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>(b)</TD>

   <TD noWrap align=left>Working Capital</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Working capital is an alternative performance (non-IFRS) measure calculated as current asset less current liabilities. Working capital dose not have any standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. The Company and certain investors use this information to evaluate whether the Company is able to meet its current obligations using its current assets.</P>

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   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>(c)</TD>

   <TD noWrap align=left>Costs per Ounce of Silver</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Cash cost and all-in sustaining cost (&#8220;AISC&#8221;) per ounce of silver, net of by-product credits, are non-IFRS measures. The Company produces by-product metals incidentally to our silver mining activities. We have adopted the practice of calculating a performance measure with the net cost of producing an ounce of silver, our primary payable metal, after deducting revenues gained from incidental by-product production. This performance measure has been commonly used in the mining industry for many years and was developed as a relatively simple way of comparing the net production costs of the primary metal for a specific period against the prevailing market price of such metal.</P>

<P style="TEXT-ALIGN: justify">Cash cost is calculated by deducting revenue from the sales of all metals other than silver and is calculated per ounce of silver sold.</P>

<P style="TEXT-ALIGN: justify">AISC is an extension of the &#8220;cash cost&#8221; metric and provides a comprehensive measure of the Company&#8217;s operating performance and ability to generate cash flows. AISC has been calculated based on World Gold Council (&#8220;WGC&#8221;) guidance released in 2013 and undated in 2018. The WGC is not a regulatory organization and does not have the authority to develop accounting standards for disclosure requirements.</P>

<P style="TEXT-ALIGN: justify">AISC is based on the Company&#8217;s cash costs, net of by-product sales, and further includes corporate general and administrative expense, government fee and other taxes, reclamation cost accretion, lease liability payments, and sustaining capital expenditures. Sustaining capital expenditures are those costs incurred to sustain and maintain existing assets at current productive capacity and constant planned levels of production output. Excluded are non-sustaining capital expenditures, which result in a material increase in the life of assets, materially increase resources or reserves, productive capacity, or future earning potential, or significant improvement in recovery or grade, or which do not relate to the current production activities. The Company believes that this measure represents the total sustainable costs of producing silver from current operations and provides additional information about the Company&#8217;s operational performance and ability to generate cash flows.</P>

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   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 20</B></TD></TR></TABLE></DIV>

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<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2021</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, except per share data or unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The following table provides a reconciliation of cash cost and AISC per ounce of silver, net of by-product credits:</P>

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<TR>

   <TD width="11%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="6%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="6%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="6%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="6%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="6%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="6%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="6%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="6%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="6%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="6%"></TD>

   <TD width="1%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="11%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="24%" colSpan=9 noWrap align=center><B><FONT color=#ffffff>Three months ended June 30, 2021</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="22%" colSpan=7 noWrap align=right><FONT color=#ffffff>Three months ended June 30, 2020</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="11%" align=left><B><FONT color=#ffffff>(Expressed in thousands of U.S. dollars, except ounce and</FONT></B></TD>

   <TD bgColor=#993300 width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Ying Mining</FONT></B></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" align=right><FONT color=#ffffff>Ying Mining</FONT></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="11%" noWrap align=left><B><FONT color=#ffffff>per ounce amount)</FONT></B></TD>

   <TD bgColor=#993300 width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>District</FONT></B></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>GC</FONT></B></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Other</FONT></B></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Corporate</FONT></B></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Consolidated</FONT></B></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><FONT color=#ffffff>District</FONT></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><FONT color=#ffffff>GC</FONT></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><FONT color=#ffffff>Other</FONT></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><FONT color=#ffffff>Corporate</FONT></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><FONT color=#ffffff>Consolidated</FONT></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=left><B>Production costs expensed as reported</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center><B><FONT color=#c00000>A</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>17,656</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>4,829</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>22,485</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>14,123</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>3,624</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=center>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>17,747</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left><B>By-product sales</B></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Gold</B></P></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(1,508</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(1,508</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(1,477</TD>

   <TD width="1%" noWrap align=left>)</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(1,477</TD>

   <TD width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead</B></P></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(12,187</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(2,214</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(14,401</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(12,346</TD>

   <TD width="1%" noWrap align=left>)</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(2,028</TD>

   <TD width="1%" noWrap align=left>)</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(14,374</TD>

   <TD width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc</B></P></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(1,614</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(5,754</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(7,368</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(1,371</TD>

   <TD width="1%" noWrap align=left>)</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(2,784</TD>

   <TD width="1%" noWrap align=left>)</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(4,155</TD>

   <TD width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Other</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(1,185</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(363</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(1,548</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(385</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(129</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(514</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=left><B>Total by-product sales</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center><B><FONT color=#c00000>B</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(16,494</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(8,331</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(24,825</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(15,579</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(4,941</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(20,520</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=left><B>Total cash cost, net of by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center><B><FONT color=#c00000>C=A+B</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>1,162</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(3,502</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(2,340</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(1,456</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(1,317</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(2,773</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Add: Mineral resources tax</B></P></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>1,113</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>300</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>1,413</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>1,125</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>211</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>1,336</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>General and administrative</B></P></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>1,727</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>655</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>130</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>3,838</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>6,350</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>1,395</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>549</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>113</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" colSpan=2 noWrap align=right>2,687</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>4,744</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=left>

   <P style="MARGIN-LEFT: 8%"><B>Amortization included in general and administrative</B></P></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(140</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(98</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(97</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(146</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(481</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(115</TD>

   <TD width="1%" noWrap align=left>)</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(90</TD>

   <TD width="1%" noWrap align=left>)</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(83</TD>

   <TD width="1%" noWrap align=left>)</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(120</TD>

   <TD width="1%" noWrap align=left>)</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(408</TD>

   <TD width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=left>

   <P style="MARGIN-LEFT: 8%"><B>Property evaluation and business development*</B></P></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>53</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>337</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>390</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>185</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>185</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Government fees and other taxes</B></P></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>548</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>142</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>1</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>691</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>458</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>81</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>1</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>540</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Reclamation accretion</B></P></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>53</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>6</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>9</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>68</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>55</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>6</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>8</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>69</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Lease payment</B></P></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>156</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>156</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>132</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>132</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Sustaining capital expenditures</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>4,997</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>941</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>70</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>6,008</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>5,454</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>1,042</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>189</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>6,685</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=left><B>All-in sustaining cost, net of by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center><B><FONT color=#c00000>F</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>9,460</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(1,556</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>96</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>4,255</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>12,255</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>6,916</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>482</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>39</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" colSpan=2 noWrap align=right>3,073</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>10,510</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Add: Non-sustaining capital expenditures</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>4,971</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>171</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>133</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>5,275</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>1,611</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>274</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>87</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>1,972</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=left><B>All-in cost, net of by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center><B><FONT color=#c00000>G</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>14,431</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(1,385</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>229</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>4,255</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>17,530</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>8,527</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>756</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>126</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" colSpan=2 noWrap align=right>3,073</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>12,482</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=left><B>Silver ounces sold ('000s)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center><B><FONT color=#c00000>H</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>1,447</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>195</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>1,642</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>1,672</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>200</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>1,872</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="11%" align=left><B>Cash cost per ounce of silver, net of by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center><B><FONT color=#c00000>(A+B)/H</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>0.80</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>(17.96</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>(1.43</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>(0.87</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>(6.59</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>(1.48</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="11%" align=left><B>All-in sustaining cost per ounce of silver, net of by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center><B><FONT color=#c00000>F/H</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>6.54</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>(7.98</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>7.46</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>4.14</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>2.41</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>5.61</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="11%" align=left><B>All-in cost per ounce of silver, net of by-product credits</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center><B><FONT color=#c00000>G/H</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>9.97</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>(7.10</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>10.68</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>5.10</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>3.78</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>6.67</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left><B>By-product credits per ounce of silver</B></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Gold</B></P></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(1.04</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(0.92</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(0.88</TD>

   <TD width="1%" noWrap align=left>)</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(0.79</TD>

   <TD width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lead</B></P></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(8.42</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(11.35</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(8.77</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(7.38</TD>

   <TD width="1%" noWrap align=left>)</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(10.14</TD>

   <TD width="1%" noWrap align=left>)</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(7.68</TD>

   <TD width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Zinc</B></P></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(1.12</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(29.51</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(4.49</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(0.82</TD>

   <TD width="1%" noWrap align=left>)</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(13.92</TD>

   <TD width="1%" noWrap align=left>)</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(2.22</TD>

   <TD width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Other</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(0.82</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(1.86</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(0.94</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(0.23</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(0.65</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(0.27</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="11%" noWrap align=left><B>Total by-product credits per ounce of silver</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>(11.40</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>(42.72</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>(15.12</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>(9.32</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>(24.71</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=center>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>(10.96</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>)</TD></TR></TABLE></DIV>

<P style="MARGIN-TOP: 0px; TEXT-ALIGN: justify">*<FONT style="FONT-SIZE: 9pt">Recovery of $3,970, arising from the break fee of $6,497 (CAD$9,000) received from Guyana Goldfields Inc. net of expenses of $2,527, was excluded for the three months ended June 30, 2020.</FONT></P>

<DIV align=left>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>(d)</TD>

   <TD noWrap align=left>Costs per Tonne of Ore Processed</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The Company uses cost per tonne of ore processed to manage and evaluate operating performance at each of its mines. Cost per tonne of ore processed is calculated based on total production costs on a sales basis, adjusted for changes in inventory, to arrive at total production costs that relate to ore production during the period. These total production costs are then further divided into mining cost, shipping cost, and milling cost. Cost per tonne of ore processed is the total of per tonne mining cost, per tonne shipping cost, and per tonne milling cost.</P>

<P style="TEXT-ALIGN: justify">All-in sustaining production cost per tonne is an extension of the cash production cost per tonne and provides a comprehensive measure of the Company&#8217;s operating performance and ability to generate cash flows. All-in sustaining production cost per tonne is based on the Company&#8217;s cash production cost, and further includes corporate general and administrative expense, government fee and other taxes, reclamation cost accretion, lease liability payments, and sustaining capital expenditures. The Company believes that this measure represents the total sustainable costs of processing ore from current operations and provides additional information about the Company&#8217;s operational performance and ability to generate cash flows.</P>

<P style="TEXT-ALIGN: justify">The following table provides a reconciliation of production cost and all-in sustaining production cost per tonne of ore processed:</P>

<DIV align=left>

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   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 21</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2021</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, except per share data or unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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   <TD width="11%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="6%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="6%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

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   <TD width="1%"></TD>

   <TD width="6%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="6%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="6%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="6%"></TD>

   <TD width="1%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="11%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="30%" colSpan=10 noWrap align=right><B><FONT color=#ffffff>Three months ended June 30, 2021</FONT></B></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="30%" colSpan=10 noWrap align=right><FONT color=#ffffff>Three months ended June 30, 2020</FONT></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="11%" align=left><B><FONT color=#ffffff>(Expressed in thousands of U.S. dollars, except ounce</FONT></B></TD>

   <TD bgColor=#993300 width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Ying Mining</FONT></B></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" align=right><FONT color=#ffffff>Ying Mining</FONT></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=right>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#993300 width="11%" noWrap align=left><B><FONT color=#ffffff>and per ounce amount)</FONT></B></TD>

   <TD bgColor=#993300 width="8%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>District</FONT></B></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>GC</FONT></B></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Other</FONT></B></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Corporate</FONT></B></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Consolidated</FONT></B></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><FONT color=#ffffff>District</FONT></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><FONT color=#ffffff>GC</FONT></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Other</FONT></B></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Corporate</FONT></B></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#993300 width="6%" noWrap align=right><B><FONT color=#ffffff>Consolidated</FONT></B></TD>

   <TD bgColor=#993300 width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left><B>Production costs expensed as reported</B></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>17,656</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>4,829</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right><B>$</B></TD>

   <TD width="6%" noWrap align=right><B>22,485</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="1%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>14,123</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>3,624</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>$</TD>

   <TD width="6%" noWrap align=right>17,747</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left><B>Depreciation and amortization</B></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>5,083</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>1,131</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>6,214</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>5,015</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>725</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>5,740</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left><B>Adjustment for aggregate plant operations*</B></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(471</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(471</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left><B>Changes in stockpile and concentrate inventory</B></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Less: stockpile and concentrate inventory - Beginning</B></P></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(5,996</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(442</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(34</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(6,472</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(4,474</TD>

   <TD width="1%" noWrap align=left>)</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(241</TD>

   <TD width="1%" noWrap align=left>)</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(790</TD>

   <TD width="1%" noWrap align=left>)</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(5,505</TD>

   <TD width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Add: stockpile and concentrate inventory - Ending</B></P></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>1,495</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>254</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>34</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>1,783</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>3,404</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>504</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>792</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>4,700</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Adjustment for foreign exchange movement</B></P></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(58</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(5</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(63</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(326</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(2</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(2</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(330</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(4,559</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(193</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>(4,752</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(1,396</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>261</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>(1,135</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=left><B>Total production cost</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>17,709</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>5,767</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>23,476</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>17,742</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>4,610</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>22,352</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left><B>Depreciation and amortization charged to mining costs</B></TD>

   <TD width="8%" noWrap align=center><B><FONT color=#ff0000>A</FONT></B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>3,934</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>984</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>4,918</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>4,149</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>673</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>4,822</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=left><B>Depreciation and amortization charged to milling costs</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center><B><FONT color=#ff0000>B</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>333</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>120</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>453</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>282</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>101</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>383</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=left><B>Total non-cash production cost</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>4,267</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>1,104</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>5,371</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>4,431</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>774</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>5,205</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Cash mining cost</B></P></TD>

   <TD width="8%" noWrap align=center><B><FONT color=#ff0000>C</FONT></B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>11,039</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>3,385</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>14,424</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>11,168</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>2,824</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>13,992</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Shipping cost</B></P></TD>

   <TD width="8%" noWrap align=center><B><FONT color=#ff0000>D</FONT></B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>545</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>545</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>642</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>642</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Cash milling cost</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center><B><FONT color=#ff0000>E</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>1,857</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>1,278</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>3,135</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>1,501</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>1,011</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>2,512</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=left><B>Total cash production cost</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>13,441</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>4,663</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>18,104</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>13,311</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>3,835</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>17,146</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>General and administrative</B></P></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>1,727</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>655</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>130</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>3,838</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>6,350</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>1,395</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>549</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>113</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>2,687</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>4,744</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Property evaluation and business development**</B></P></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>53</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>337</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>390</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>185</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>185</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Amortization included in general and administrative</B></P></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(140</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(98</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(97</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(146</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(481</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(115</TD>

   <TD width="1%" noWrap align=left>)</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(90</TD>

   <TD width="1%" noWrap align=left>)</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(83</TD>

   <TD width="1%" noWrap align=left>)</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(120</TD>

   <TD width="1%" noWrap align=left>)</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>(408</TD>

   <TD width="1%" noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Government fees and other taxes</B></P></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>548</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>142</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>1</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>691</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>458</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>81</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>1</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>540</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Reclamation accretion</B></P></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>53</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>6</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>9</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>68</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>55</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>6</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>8</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>69</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Lease payment</B></P></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>156</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>156</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>132</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>132</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Adjustment for aggregate plant operations*</B></P></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(74</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>(74</B></TD>

   <TD width="1%" noWrap align=left><B>)</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Sustaining capital expenditures</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>4,997</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>941</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>70</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>6,008</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>5,454</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>1,042</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>189</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>6,685</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=left><B>All-in sustaining production cost</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center><B><FONT color=#ff0000>F</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>20,552</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>6,309</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>96</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>4,255</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>31,212</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>20,558</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>5,423</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>39</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>3,073</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>29,093</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Non-sustaining capital expenditures</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>4,971</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>171</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>133</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>5,275</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>1,611</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>274</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>87</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>1,972</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=left><B>All in production cost</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center><B><FONT color=#ff0000>G</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>25,523</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>6,480</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>229</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>4,255</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>36,487</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>22,169</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>5,697</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>126</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>3,073</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>31,065</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Ore mined ('000s)</B></P></TD>

   <TD width="8%" noWrap align=center><B><FONT color=#ff0000>H</FONT></B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>142.907</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>88.328</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>231.235</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>174.176</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>80.379</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>254.555</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Ore shipped ('000s)</B></P></TD>

   <TD width="8%" noWrap align=center><B><FONT color=#ff0000>I</FONT></B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>151.693</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>88.328</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>240.021</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>176.317</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>80.379</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>256.696</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Ore milled ('000s)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center><B><FONT color=#ff0000>J</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>155.407</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>87.670</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>243.077</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>177.689</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>84.637</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>262.326</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left><B>Per tonne Production cost</B></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Non-cash mining cost ($/tonne)</B></P></TD>

   <TD width="8%" noWrap align=center><B><FONT color=#ff0000>K=A/H</FONT></B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>27.53</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>11.14</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>21.27</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>23.82</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>8.37</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>18.94</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 8%"><B>Non-cash milling cost ($/tonne)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center><B><FONT color=#ff0000>L=B/J</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>2.14</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>1.37</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>1.86</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>1.59</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>1.19</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>1.46</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=left><B>Non-cash production cost ($/tonne)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center><B><FONT color=#ff0000>M=K+L</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>29.67</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>12.51</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>23.13</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>25.41</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>9.56</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>20.40</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Cash mining cost ($/tonne)</B></P></TD>

   <TD width="8%" noWrap align=center><B><FONT color=#ff0000>N=C/H</FONT></B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>77.25</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>38.32</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>62.38</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>64.12</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>35.13</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>54.97</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Shipping costs ($/tonne)</B></P></TD>

   <TD width="8%" noWrap align=center><B><FONT color=#ff0000>O=D/I</FONT></B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>3.59</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>-</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B>2.27</B></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>3.64</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right>-</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="6%" noWrap align=right>2.50</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=left>

   <P style="MARGIN-LEFT: 4%"><B>Cash milling costs ($/tonne)</B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center><B><FONT color=#ff0000>P=E/J</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>11.95</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>14.58</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>12.90</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>8.45</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>11.95</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>9.58</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=left><B>Cash production costs ($/tonne)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=center><B><FONT color=#ff0000>Q=N+O+P</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>92.79</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>52.90</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>77.55</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>76.21</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>47.08</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>67.05</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=left><B>All-in sustaining production costs ($/tonne)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap align=right><B><FONT color=#ff0000>P=(F-C-D-E)/J+Q </FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>138.55</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>71.67</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right><B>131.48</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>116.99</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>65.84</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" noWrap align=right>112.59</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="11%" noWrap align=left><B>All in costs ($/tonne)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%" noWrap align=center><B><FONT color=#ff0000>S=P+(G-F)/J</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>170.53</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>73.63</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right><B>153.18</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>126.06</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>69.08</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="6%" noWrap align=right>120.11</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN-TOP: 0px; TEXT-ALIGN: justify">* Adjustments to exclude the operating costs of the aggregate plant.<BR>**Recovery of $3,970, arising from the break fee of $6,497 (CAD$9,000) received from Guyana Goldfields Inc. net of expenses of $2,527, was excluded for the three months ended June 30, 2020.</P>

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   <TD noWrap align=left><B>11.</B></TD>

   <TD noWrap align=left><B>Critical Accounting Policies, Judgments, and Estimates</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the amounts reported on the consolidated financial statements. These critical accounting estimates represent management estimates and judgements that are uncertain and any changes in these estimates could materially impact the Company&#8217;s consolidated financial statements. Management continuously reviews its estimates and assumptions using the most current information available. The Company&#8217;s critical accounting policies, judgements and estimates are described in Note 2 of the unaudited condensed consolidated interim financial statements for the three months ended June 30, 2021, as well as the audited financial statements for the year ended March 31, 2021.</P>

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   <TD noWrap align=left><B>12.</B></TD>

   <TD noWrap align=left><B>New Accounting Standards</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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   <TD noWrap align=left><B>(a)</B></TD>

   <TD noWrap align=left><B>Adoption of new accounting standards</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><B><U>Amendments to IAS 16 - Property, Plant and Equipment: Proceeds before Intended Use</U></B></P>

<P style="TEXT-ALIGN: justify">The Company adopted Amendments to IAS 16 - Property, Plant and Equipment: Proceeds before Intended Use, on April 1, 2021 and the adoption has no material impact on the Company&#8217;s financial statements. In May 2020, the IASB issued <I>Property, Plant and Equipment - Proceeds before Intended Use</I>, which prohibits entities deducting from the cost of an item of property, plant and equipment, any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the costs of producing those items, in profit or loss. The amendment is effective for annual reporting periods beginning on or after January 1, 2022 and must be applied retrospectively to items of property, plant and equipment made available for use on or after the beginning of the earliest period presented when the entity first applies the amendment.</P>

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   <TD style="BORDER-TOP: #000000 1px solid" width="33%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 22</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV><BR>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2021</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, except per share data or unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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   <TD noWrap align=left><B>(b)</B></TD>

   <TD noWrap align=left><B>Accounting standards not yet effective</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">New accounting standards and interpretations published, but not mandatory for the current period and not yet early adopted by the Company, are not expected to have a material impact on the Company in the current or future reporting periods.</P>

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   <TD noWrap align=left><B>13.</B></TD>

   <TD noWrap align=left><B>Other MD&amp;A Requirements</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Additional information relating to the Company: </P>

<P style="TEXT-ALIGN: justify">(a) may be found on SEDAR at www.sedar.com;</P>

<P style="TEXT-ALIGN: justify">(b) may be found at the Company&#8217;s website www.silvercorp.ca; </P>

<P style="TEXT-ALIGN: justify">(c) may be found in the Company&#8217;s Annual Information Form; and</P>

<P style="TEXT-ALIGN: justify">(d) is also provided in the Company&#8217;s annual audited consolidated financial statements as of June 30, 2021.</P>

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   <TD noWrap align=left><B>14.</B></TD>

   <TD noWrap align=left><B>Outstanding Share Data</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">As at the date of this MD&amp;A, the following securities were outstanding:</P>

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   <TD width="4%">(a)</TD>

   <TD noWrap align=left>Share Capital</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Authorized - unlimited number of common shares without par value</P>

<P style="TEXT-ALIGN: justify">Issued and outstanding - <B>176,149,963 </B>common shares with a recorded value of <B>$251.8 million </B></P>

<P style="TEXT-ALIGN: justify">Shares subject to escrow or pooling agreements - $nil.</P>

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   <TD width="4%">(b)</TD>

   <TD noWrap align=left>Options</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">As at the date of this MD&amp;A, the outstanding options comprise the following:</P>

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   <TD bgColor=#993300 width="33%" noWrap align=right><B><FONT color=#ffffff>Number of Options</FONT></B></TD>

   <TD bgColor=#993300 width="33%" noWrap align=right><B><FONT color=#ffffff>Exercise Price (CAD$)</FONT></B></TD>

   <TD bgColor=#993300 width="33%" noWrap align=right><B><FONT color=#ffffff>Expiry Date</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>373,750</TD>

   <TD width="33%" noWrap align=right>$2.60</TD>

   <TD width="33%" noWrap align=right>2021-11-16</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>125,000</TD>

   <TD width="33%" noWrap align=right>$3.40</TD>

   <TD width="33%" noWrap align=right>2021-08-24</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=right>575,335</TD>

   <TD width="33%" noWrap align=right>$5.46</TD>

   <TD width="33%" noWrap align=right>2025-05-26</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%" noWrap align=right>490,000</TD>

   <TD width="33%" noWrap align=right>$9.45</TD>

   <TD width="33%" noWrap align=right>2025-11-11</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%" noWrap align=right><B>1,564,085</B></TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<TR vAlign=bottom>

   <TD width="4%">(c)</TD>

   <TD noWrap align=left>Restricted Share Units (RSUs)</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Outstanding - 2,140,250 RSUs with an average grant date closing price of CAD$6.31 per share.</P>

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   <TD noWrap align=left><B>15.</B></TD>

   <TD noWrap align=left><B>Risks and Uncertainties</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The Company is exposed to a number of risks in conducting its business, including but not limited to: metal price risk as the Company derives its revenue from the sale of silver, lead, zinc, and gold; credit risk in the normal course of dealing with other companies and financial institutions; foreign exchange risk as the Company reports its financial statements in USD whereas the Company operates in jurisdictions that utilize other currencies; equity price risk and interest rate risk as the Company has investments in marketable securities that are traded in the open market or earn interest at market rates that are fixed to maturity or at variable interest rates; inherent risk of uncertainties in estimating mineral reserves and mineral resources; political risks; economic and social risks related to conducting business in foreign jurisdictions such as China and Mexico; environmental risks; risks related to its relations with employees and local communities where the Company operates, and emerging risks relating to the spread of COVID-19, which has to date resulted in profound health and economic impacts globally and which presents future risks and uncertainties that are largely unknown at this time.</P>

<P style="TEXT-ALIGN: justify">Management and the Board continuously assess risks that the Company is exposed to and attempt to mitigate these risks where practical through a range of risk management strategies.</P>

<P style="TEXT-ALIGN: justify">These and other risks are described in the Company&#8217;s Annual Information Form, NI 43-101 technical reports,</P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 23</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2021</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, except per share data or unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Form 40-F, and Audited Consolidated Financial Statements, which are available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Readers are encouraged to refer to these documents for a more detailed description of some of the risks and uncertainties inherent to Silvercorp&#8217;s business.</P>

<UL>

<LI>

<P align=justify>COVID-19</P></LI></UL>

<P style="TEXT-ALIGN: justify">The Company's business, operations and financial condition could be materially adversely affected by the outbreak of pandemics or other health crises, such as the outbreak of COVID-19 that was designated as a pandemic by the World Health Organization on March 11, 2020. The international response to the spread of COVID-19 has led to significant restrictions on travel, temporary business closures, quarantines, global stock market volatility, and a general reduction in consumer activity. Such public health crises can result in operating, supply chain and project development delays and disruptions, global stock market and financial market volatility, declining trade and market sentiment, reduced movement of people and labour shortages, and travel and shipping disruption and shutdowns, including as a result of government regulation and prevention measures, or a fear of any of the foregoing, all of which could affect commodity prices, interest rates, credit risk and inflation. In addition, the current COVID-19 pandemic, and any future emergence and spread of similar pathogens could have an adverse impact on global economic conditions which may adversely impact the Company's operations, and the operations of suppliers, contractors and service providers.</P>

<P style="TEXT-ALIGN: justify">The Company may experience business interruptions, including suspended (whether government mandated or otherwise) or reduced operations relating to COVID-19 and other such events outside of the Company's control, which could have a material adverse impact on its business, operations and operating results, financial condition and liquidity.</P>

<P style="TEXT-ALIGN: justify">As at the date of this MD&amp;A, the duration of the business disruptions internationally and related financial impact of COVID-19 cannot be reasonably estimated. It is unknown whether and how the Company may be affected if the pandemic persists for an extended period of time.</P>

<P style="TEXT-ALIGN: justify">The Company's exposure to such public health crises also includes risks to employee health and safety. Should an employee, contractor, community member or visitor become infected with a serious illness that has the potential to spread rapidly, this could place the Company's workforce at risk.</P>

<UL>

<LI>

<P align=justify>Metal Price Risk</P></LI></UL>

<P style="TEXT-ALIGN: justify">The Company&#8217;s sales prices for lead and zinc pounds are fixed against the Shanghai Metals Exchange as quoted at www.shmet.com; gold ounces are fixed against the Shanghai Gold Exchange as quoted at www.sge.com.cn and silver ounces are fixed against the Shanghai White Platinum &amp; Silver Exchange as quoted at www.ex-silver.com.</P>

<P style="TEXT-ALIGN: justify">The Company&#8217;s revenues, if any, are expected to be in large part derived from the mining and sale of silver, lead, zinc, and gold contained in metal concentrates. The prices of those commodities have fluctuated widely, particularly in recent years, and are affected by numerous factors beyond the Company&#8217;s control including international and regional economic and political conditions; expectations of inflation; currency exchange fluctuations; interest rates; global or regional supply and demand for jewellery and industrial products containing silver and other metals; sale of silver and other metals by central banks and other holders, speculators and producers of silver and other metals; availability and cost of metal substitutes; and increased production due to new mine developments and improved mining and production methods. The price of base and precious metals may have a significant influence on the market price of the Company&#8217;s shares and the value of its projects. The effect of these factors on the price of base and precious metals, and therefore the viability of the Company&#8217;s exploration projects and mining operations, cannot be accurately predicted.</P>

<P style="TEXT-ALIGN: justify">If silver and other metals prices were to decline significantly or for an extended period of time, the Company may be unable to continue operations, develop its projects, or fulfil obligations under agreements with the Company&#8217;s joint venture partners or under its permits or licenses.</P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 24</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2021</B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, except per share data or unless otherwise stated)</B></TD></TR></TABLE></DIV>

<UL>

<LI>

<P align=justify>Permits, licenses and national security clearance</P></LI></UL>

<P style="TEXT-ALIGN: justify">All mineral resources and mineral reserves of the Company&#8217;s subsidiaries are owned by their respective governments, and mineral exploration and mining activities may only be conducted by entities that have obtained or renewed exploration or mining permits and licenses in accordance with the relevant mining laws and regulations. No guarantee can be given that the necessary exploration and mining permits and licenses will be issued to the Company or, if they are issued, that they will be renewed, or if renewed under reasonable operational and/or financial terms, or in a timely manner, or that the Company will be in a position to comply with all conditions that are imposed. No guarantee can be given that the national security clearance for Zhonghe Silver Project will be issued, or if it is issued, that it will be issued under reasonable operational and/or financial terms, or in a timely manner, or that the Company will be in a position to comply with all conditions that are imposed.</P>

<P style="TEXT-ALIGN: justify">Nearly all mining projects require government approval. There can be no certainty that approvals necessary to develop and operate mines on the Company&#8217;s properties will be granted or renewed in a timely and/or economical manner, or at all.</P>

<UL>

<LI>

<P align=justify>Title to properties</P></LI></UL>

<P style="TEXT-ALIGN: justify">With respect to the Company&#8217;s Chinese properties, while the Company has investigated title to all of its mineral claims and to the best of its knowledge, title to all of its properties is in good standing, the properties may be subject to prior unregistered agreements or transfers and title may be affected by undetected defects. There may be valid challenges to the title of the Company&#8217;s properties which, if successful, could impair development and/or operations. The Company cannot give any assurance that title to its properties will not be challenged. Title insurance is generally not available for mineral properties and the Company&#8217;s ability to ensure that it has obtained secure claims to individual mineral properties or mining concessions may be severely constrained. The Company&#8217;s mineral properties in China have not been surveyed, and the precise location and extent thereof may be in doubt.</P>

<UL>

<LI>

<P align=justify>Operations and political conditions</P></LI></UL>

<P style="TEXT-ALIGN: justify">Most of the properties in which the Company has an interest are located in China, which has different regulatory and legal standards than those in North America. Even when the Company&#8217;s mineral properties are proven to host economic reserves of metals, factors such as political instability, terrorism, opposition and harassment from local miners, or governmental expropriation or regulation may prevent or restrict mining of any such deposits or repatriation of profits.</P>

<P style="TEXT-ALIGN: justify">Most of the Company&#8217;s operations are located in China. These operations are subject to the risks normally associated with conducting business in China. Some of these risks are more prevalent in countries which are less developed or have emerging economies, including uncertain political and economic environments, as well as risks of war and civil disturbances or other risks which may limit or disrupt a project, restrict the movement of funds or result in the deprivation of contractual rights or the taking of property by nationalization or expropriation without fair compensation, risk of adverse changes in laws or policies, increases in foreign taxation or royalty obligations, license fees, permit fees, delays in obtaining or the inability to obtain necessary governmental permits, limitations on ownership and repatriation of earnings, and foreign exchange controls and currency devaluations.</P>

<P style="TEXT-ALIGN: justify">In addition, the Company may face import and export regulations, including export restrictions, disadvantages of competing against companies from countries that are not subject to similar laws, restrictions on the ability to pay dividends offshore, and risk of loss due to disease and other potential endemic health issues. Although the Company is not currently experiencing any significant or extraordinary problems in China arising from such risks, there can be no assurance that such problems will not arise in the future. The Company currently does not carry political risk insurance coverage.</P>

<P style="TEXT-ALIGN: justify">The Company&#8217;s interests in its mineral properties are held through joint venture companies established under and governed by the laws of China. The Company&#8217;s joint venture partners in China include state-sector entities</P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 25</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

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   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2021</B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, except per share data or unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">and, like other state-sector entities, their actions and priorities may be dictated by government policies instead of purely commercial considerations. Additionally, companies with a foreign ownership component operating in China may be required to work within a framework which is different from that imposed on domestic Chinese companies. The Chinese government currently allows foreign investment in certain mining projects under central government guidelines. There can be no assurance that these guidelines will not change in the future.</P>

<UL>

<LI>

<P align=justify>Regulatory environment in China</P></LI></UL>

<P style="TEXT-ALIGN: justify">The Company conducts its mining operations in China. The laws of China differ significantly from those of Canada and all such laws are subject to change. Mining is subject to potential risks and liabilities associated with pollution of the environment and disposal of waste products occurring as a result of mineral exploration and production.</P>

<P style="TEXT-ALIGN: justify">Failure to comply with applicable laws and regulations may result in enforcement actions and may also include corrective measures requiring capital expenditures, installation of additional equipment or remedial actions. Parties engaged in mining operations may be required to compensate those suffering loss or damage by reason of mining activities and may have civil or criminal fines or penalties imposed for violations of applicable laws and regulations.</P>

<P style="TEXT-ALIGN: justify">New laws and regulations, amendments to existing laws and regulations, administrative interpretation of existing laws and regulations, or more stringent enforcement of existing laws and regulations could have a material adverse impact on future cash flow, results of operations and the financial condition of the Company.</P>

<UL>

<LI>

<P align=justify>Environmental risks</P></LI></UL>

<P style="TEXT-ALIGN: justify">The Company&#8217;s activities are subject to extensive laws and regulations governing environmental protection and employee health and safety, including environmental laws and regulations in China. These laws address emissions into the air, discharges into water, management of waste, management of hazardous substances, protection of natural resources, antiquities and endangered species, and reclamation of lands disturbed by mining operations.</P>

<P style="TEXT-ALIGN: justify">There are also laws and regulations prescribing reclamation activities on some mining properties. Environmental legislation in many countries, including China, is evolving and the trend has been toward stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects and increasing responsibility for companies and their officers, directors and employees. Compliance with environmental laws and regulations may require significant capital outlays on behalf of the Company and may cause material changes or delays in the Company&#8217;s intended activities. There can be no assurance that the Company has been or will be at all times in complete compliance with current and future environmental and health and safety laws and permits will not materially adversely affect the Company&#8217;s business, results of operations or financial condition. It is possible that future changes in these laws or regulations could have a significant adverse impact on some portion of the Company&#8217;s business, causing the Company to reevaluate those activities at that time. The Company&#8217;s compliance with environmental laws and regulations entails uncertain cost.</P>

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<LI>

<P align=justify>Risks and hazards of mining operations</P></LI></UL>

<P style="TEXT-ALIGN: justify">Mining is inherently dangerous and the Company&#8217;s operations are subject to a number of risks and hazards including, without limitation:</P>

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   <TD vAlign=top width="4%" noWrap>(i)&nbsp; &nbsp; &nbsp; </TD>

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   <P align=justify>environmental hazards;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp; </TD>

   <TD vAlign=top width="4%" noWrap>(ii)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="92%">

   <P align=justify>discharge of pollutants or hazardous chemicals;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp; </TD>

   <TD vAlign=top width="4%" noWrap>(iii)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="92%">

   <P align=justify>industrial accidents;</P></TD></TR>

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   <TD vAlign=top width="4%" noWrap>&nbsp; </TD>

   <TD vAlign=top width="4%" noWrap>(iv)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="92%">

   <P align=justify>failure of processing and mining equipment;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp; </TD>

   <TD vAlign=top width="4%" noWrap>(v)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="92%">

   <P align=justify>labour disputes;</P></TD></TR>

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   <TD vAlign=top width="4%" noWrap>&nbsp; </TD>

   <TD vAlign=top width="4%" noWrap>(vi)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="92%">

   <P align=justify>supply problems and delays;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="92%">

   <P align=justify></P>&nbsp;</TD></TR></TABLE>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 26</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

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   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

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   <TD noWrap align=left><B>For the Three Months Ended June 30, 2021</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, except per share data or unless otherwise stated)</B></TD></TR></TABLE></DIV><BR>

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   <TD vAlign=top width="4%" noWrap>(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

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   <P align=justify>encountering unusual or unexpected geologic formations or other geological or grade problems; </P></TD></TR>

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   <TD vAlign=top width="4%" noWrap>&nbsp; </TD>

   <TD vAlign=top width="4%" noWrap>(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

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   <P align=justify>encountering unanticipated ground or water conditions; </P></TD></TR>

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   <TD vAlign=top width="4%" noWrap>(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

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   <P align=justify>cave-ins, pit wall failures, flooding, rock bursts and fire;</P></TD></TR>

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   <TD vAlign=top width="4%" noWrap>&nbsp; </TD>

   <TD vAlign=top width="4%" noWrap>(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

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   <P align=justify>periodic interruptions due to inclement or hazardous weather conditions;</P></TD></TR>

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   <TD vAlign=top width="4%" noWrap>&nbsp; </TD>

   <TD vAlign=top width="4%" noWrap>(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

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   <P align=justify>equipment breakdown;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp; </TD>

   <TD vAlign=top width="4%" noWrap>(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD width="92%">

   <P align=justify>other unanticipated difficulties or interruptions in development, construction or production;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD vAlign=top width="4%" noWrap>(xiii)</TD>

   <TD width="92%">

   <P align=justify>other acts of God or unfavourable operating conditions; and </P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap></TD>

   <TD vAlign=top width="4%" noWrap>(xiv)</TD>

   <TD width="92%">

   <P align=justify>health and safety risks associated with spread of COVID-19 pandemic, and any future emergence and spread of similar pathogens.</P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify">Such risks could result in damage to, or destruction of, mineral properties or processing facilities, personal injury or death, loss of key employees, environmental damage, delays in mining, monetary losses and possible legal liability. Satisfying such liabilities may be very costly and could have a material adverse effect on the Company&#8217;s future cash flow, results of operations and financial condition.</P>

<UL>

<LI>

<P align=justify>Cybersecurity Risks</P></LI></UL>

<P style="TEXT-ALIGN: justify">The Company is subject to cybersecurity risks including unauthorized access to privileged information, destroy data or disable, degrade, or sabotage our systems, including through the introduction of computer viruses. Although we take steps to secure our configurations and manage our information system, including our computer systems, internet sites, emails and other telecommunications, and financial/geological data, there can be no assurance that measures we take to ensure the integrity of our systems will provide protection, especially because cyberattack techniques used change frequently or are not recognized until successful. The Company has not experienced any material cybersecurity incident in the past, but there can be no assurance that the Company would not experience in the future. If our systems are compromised, do not operate properly or are disable, we could suffer financial loss, disruption of business, loss of geology data which could affect our ability to conduct effective mine planning and accurate mineral resources estimates, loss of financial data which could affect our ability to provide accurate and timely financial reporting.</P>

<UL>

<LI>

<P align=justify>General Economic Conditions</P></LI></UL>

<P style="TEXT-ALIGN: justify">General economic conditions may adversely affect our growth, profitability and ability to obtain financing. Events in global financial markets in the past several years have had a profound impact on the global economy. Many industries, including the silver and gold mining industry, have been and continue to be impacted by these market conditions. Some of the key impacts of the current financial market turmoil include contraction in credit markets resulting in a widening of credit risk, devaluations, high volatility in global equity, commodity, foreign exchange and precious metal markets and a lack of market confidence and liquidity. A continued or worsened slowdown in the financial markets or other economic conditions, including but not limited to, consumer spending, employment rates, business conditions, inflation, fuel and energy costs, consumer debt levels, lack of available credit, the state of the financial markets, interest rates and tax rates, may adversely affect our growth, profitability and ability to obtain financing. A number of issues related to economic conditions could have a material adverse effect on our business, financial condition and results of operations, including:</P>

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   <TD vAlign=top width="4%" noWrap>(i)&nbsp; &nbsp; &nbsp; </TD>

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   <P align=justify>significant disruption to the global economic conditions caused by COVID-19 as discussed above;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp; </TD>

   <TD vAlign=top width="4%" noWrap>(ii)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="92%">

   <P align=justify>contraction in credit markets could impact the cost and availability of financing and our overall liquidity;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp; </TD>

   <TD vAlign=top width="4%" noWrap>(iii)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="92%">

   <P align=justify>the volatility of silver, gold and other metal prices would impact our revenues, profits, losses and cash flow;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp; </TD>

   <TD vAlign=top width="4%" noWrap>(iv)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="92%">

   <P align=justify>recessionary pressures could adversely impact demand for our production;</P></TD></TR>

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   <TD vAlign=top width="4%" noWrap>&nbsp; </TD>

   <TD vAlign=top width="4%" noWrap>(v)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="92%">

   <P align=justify>volatile energy, commodity and consumables prices and currency exchange rates could impact our production costs; and</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp; </TD>

   <TD vAlign=top width="4%" noWrap>(vi)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="92%">

   <P align=justify>the devaluation and volatility of global stock markets could impact the valuation of our equity and other</P></TD></TR>

<TR>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD vAlign=top width="4%" noWrap>&nbsp;</TD>

   <TD width="92%">

   <P align=justify></P>&nbsp;</TD></TR></TABLE>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 27</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>For the Three Months Ended June 30, 2021</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, except per share data or unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 8%">securities.</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>16.</B></TD>

   <TD noWrap align=left><B>Disclosure Controls and Procedures</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



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   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>(a)</B></TD>

   <TD noWrap align=left><B>Management&#8217;s Report on Internal Control over Financial Reporting</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Management of the Company is responsible for establishing and maintaining an adequate system of internal control, including internal controls over financial reporting. Internal control over financial reporting is a process designed by and/or under the supervision of the Chief Executive Officer and the Chief Financial Officer and effected by the Board, management and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS as issued by IASB. The Company&#8217;s internal control over financial reporting includes those policies and procedures that:</P>

<UL>

<LI>

<P align=justify>maintaining records, that in reasonable detail, accurately and fairly reflect our transactions and dispositions of the assets of the Company;</P>

<LI>

<P align=justify>providing reasonable assurance that transactions are recorded as necessary for preparation of our consolidated financial statements in accordance with generally accepted accounting principles;</P>

<LI>

<P align=justify>providing reasonable assurance that receipts and expenditures are made in accordance with authorizations of management and the directors of the Company; and</P>

<LI>

<P align=justify>providing reasonable assurance that unauthorized acquisition, use or disposition of company assets that could have a material effect on the Company&#8217;s consolidated financial statements would be prevented or detected on a timely basis.</P></LI></UL>

<P style="TEXT-ALIGN: justify">The Company&#8217;s management, including its Chief Executive Officer and Chief Financial Officer, believes that due to its inherent limitations, internal control over financial reporting may not prevent or detect misstatements on a timely basis. In addition, projections of any evaluation of the effectiveness of internal control over financial reporting to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</P>

<P style="TEXT-ALIGN: justify">The Company&#8217;s management evaluates the effectiveness of the Company&#8217;s internal control over financial reporting based upon the criteria set forth in <I>Internal Control - Integrated Framework (2013) </I>issued by the Committee of Sponsoring Organization of the Treadway Commission. Based on the evaluation, management concluded that the Company&#8217;s internal control over financial reporting as of June 30, 2021 was effective and provides a reasonable assurance of the reliability of the Company&#8217;s financial reporting and preparation of the financial statements.</P>

<DIV align=left>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>(b)</B></TD>

   <TD noWrap align=left><B>Changes in Internal Control over Financial Reporting</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">There has been no change in the Company&#8217;s internal control over financial reporting during the fiscal year ended June 30, 2021 that has materially affected or is reasonably likely to materially affect, its internal control over financial reporting.</P>

<DIV align=left>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>17.</B></TD>

   <TD noWrap align=left><B>Directors and Officers</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">As at the date of this MD&amp;A, the Company&#8217;s directors and officers are as follows:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style= width="50%"></TD>

   <TD style= width="50%"></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="50%" noWrap align=left><B>Directors</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="50%" noWrap align=left><B>Officers</B></TD></TR>

<TR vAlign=bottom>

   <TD style= width="50%" noWrap align=left>&nbsp;</TD>

   <TD style= width="50%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="50%" noWrap align=left>Dr. Rui Feng, Director, Chairman</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="50%" noWrap align=left>Rui Feng, Chief Executive Officer</TD></TR>

<TR vAlign=bottom>

   <TD style= width="50%" noWrap align=left>&nbsp;</TD>

   <TD style= width="50%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="50%" noWrap align=left>Yikang Liu, Director</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="50%" noWrap align=left>Derek Liu, Chief Financial Officer</TD></TR>

<TR vAlign=bottom>

   <TD style= width="50%" noWrap align=left>&nbsp;</TD>

   <TD style= width="50%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="50%" noWrap align=left>Paul Simpson, Director</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="50%" noWrap align=left>Yong-Jae Kim, General Counsel &amp; Corporate Secretary</TD></TR>

<TR vAlign=bottom>

   <TD style= width="50%" noWrap align=left>&nbsp;</TD>

   <TD style= width="50%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="50%" noWrap align=left>David Kong, Director</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="50%" noWrap align=left>Lon Shaver, Vice President</TD></TR>

<TR vAlign=bottom>

   <TD style= width="50%" noWrap align=left>&nbsp;</TD>

   <TD style= width="50%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" width="50%" noWrap align=left>Marina A. Katusa, Director</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" width="50%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

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<TR>

   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 28</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV><BR>

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<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



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<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2021</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, except per share data or unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><B>Technical Information</B></P>

<P style="TEXT-ALIGN: justify">Scientific and technical information contained in this MD&amp;A has been reviewed and approved by Mr. Guoliang Ma, P.Geo., Manager of Exploration and Resources of the Company and a Qualified Person as such term is defined in NI 43-101.</P>

<P style="TEXT-ALIGN: justify"><B>Forward Looking Statements</B></P>

<P style="TEXT-ALIGN: justify"><I>Certain of the statements and information in this MD&amp;A constitute &#8220;forward-looking statements&#8221; within the meaning of the United States Private Securities Litigation Reform Act of 1995 and &#8220;forward-looking information&#8221; within the meaning of applicable Canadian provincial securities laws. 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 &#8220;expects&#8221;, &#8220;is expected&#8221;, &#8220;anticipates&#8221;, &#8220;believes&#8221;, &#8220;plans&#8221;, &#8220;projects&#8221;, &#8220;estimates&#8221;, &#8220;assumes&#8221;, &#8220;intends&#8221;, &#8220;strategies&#8221;, &#8220;targets&#8221;, &#8220;goals&#8221;, &#8220;forecasts&#8221;, &#8220;objectives&#8221;, &#8220;budgets&#8221;, &#8220;schedules&#8221;, &#8220;potential&#8221; or variations thereof or stating that certain actions, events or results &#8220;may&#8221;, &#8220;could&#8221;, &#8220;would&#8221;, &#8220;might&#8221; or &#8220;will&#8221; 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 or information. Forward-looking statements or information relate to, among other things:</I></P>

<UL>

<LI>

<P align=justify><I>the price of silver and other metals;</I></P>

<LI>

<P align=justify><I>estimates of the Company&#8217;s revenues and capital expenditures;</I></P>

<LI>

<P align=justify><I>estimated ore production and grades from the Company&#8217;s mines in the Ying Mining District and the GC Mine;</I></P>

<LI>

<P align=justify><I>projected cash operating costs and all-in sustaining costs, and budgets, on a consolidated and mine-by-mine basis;</I></P>

<LI>

<P align=justify><I>statements regarding anticipated exploration, drilling, development, construction, and other activities or</I> <I>achievements of the Company;</I></P>

<LI>

<P align=justify><I>plans, projections and estimates included in the Fiscal 2021 Guidance and the Fiscal 2022 Guidance;</I></P>

<LI>

<P align=justify><I>timing of national security clearance related to acquisition of the Zhonghe Project by the relevant governmental</I> <I>authorities and the Company&#8217;s expectation that it will enter into the mineral rights transfer contract with respect to</I> <I>the Zhonghe Project; and</I></P>

<LI>

<P align=justify><I>timing of receipt of permits, licenses, and regulatory approvals.</I></P></LI></UL>

<P style="TEXT-ALIGN: justify"><I>Forward-looking statements or information 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 or information, including, without limitation, risks relating to,</I></P>

<UL>

<LI>

<P align=justify><I>COVID-19;</I></P>

<LI>

<P align=justify><I>fluctuating commodity prices;</I></P>

<LI>

<P align=justify><I>fluctuating currency exchange rates;</I></P>

<LI>

<P align=justify><I>increasing labour cost;</I></P>

<LI>

<P align=justify><I>exploration and development programs;</I></P>

<LI>

<P align=justify><I>feasibility and engineering reports;</I></P>

<LI>

<P align=justify><I>permits and licenses;</I></P>

<LI>

<P align=justify><I>operations and political conditions;</I></P>

<LI>

<P align=justify><I>regulatory environment in China, Mexico and Canada;</I></P>

<LI>

<P align=justify><I>environmental risks;</I></P>

<LI>

<P align=justify><I>mining operations;</I></P>

<LI>

<P align=justify><I>cybersecurity;</I></P>

<LI>

<P align=justify><I>general economic conditions; and</I></P>

<LI>

<P align=justify><I>matters referred to in this MD&amp;A under the heading &#8220;Risks and Uncertainties&#8221; and other public filings of the</I></P></LI></UL>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 29</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV><BR>

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<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellSpacing=0 border=0>



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   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2021</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, except per share data or unless otherwise stated)</B></TD></TR></TABLE></DIV>

<UL>

<P style="TEXT-ALIGN: justify"><I>Company.</I></P></UL>

<P style="TEXT-ALIGN: justify"><I>This list is not exhaustive of the factors that may affect any of the Company&#8217;s forward-looking statements or information. Forward-looking statements or information 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 expressed or implied in the forward-looking statements or information. 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 or information.</I></P>

<P style="TEXT-ALIGN: justify"><I>The Company&#8217;s forward-looking statements and information are necessarily based on a number of estimates, assumptions, beliefs, expectations and opinions of management as of the date of this MD&amp;A 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 options include, but are not limited to, those related to the Company&#8217;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&#8217;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, licenses 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.</I></P>

<P style="TEXT-ALIGN: justify"><I>Other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management&#8217;s assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.</I></P>

<DIV align=left>

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   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" width="33%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 30</B></TD></TR></TABLE></DIV>

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<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>exhibit99-6.htm
<DESCRIPTION>CONSENT OF GUOLIANG MA
<TEXT>

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<HEAD>
   <TITLE>Exhibit 99.6</TITLE>
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<BODY bgcolor="#ffffff" style="font-family: 'Times New Roman';font-size: 10pt;">
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<div align="right"><B>Exhibit 99.6</B></div>
<!--$$/page=--><A name="page_1"></A><BR>

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<P style="TEXT-ALIGN: center"><B>CONSENT OF EXPERT</B></P>

<P style="TEXT-ALIGN: justify">The undersigned hereby consents to the inclusion in the Management&#8217;s Discussion &amp; Analysis of Silvercorp Metals Inc. (the &#8220;Company&#8221;) for the period ended June 30, 2021 of references to the undersigned as a qualified person and the undersigned&#8217;s name with respect to the disclosure of technical and scientific information contained therein.</P>

<P style="TEXT-ALIGN: justify">The undersigned further consents to the inclusion or incorporation by reference of all references to the undersigned in the Company&#8217;s Registration Statements on Form F-10 (No. 333-249939). This consent extends to any amendments to the Form F-10, including post-effective amendments.</P>

<P style="TEXT-ALIGN: justify"><I><U>"Guoliang Ma"</U></I><U><BR></U>Guoliang Ma, P.Geo.<BR>August 5, 2021</P></DIV><BR>

<HR noshade align="center" width="100%" size=3 margin=0>

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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>exhibit99-1x1x2.jpg
<TEXT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
