<SEC-DOCUMENT>0001279569-25-000011.txt : 20250107
<SEC-HEADER>0001279569-25-000011.hdr.sgml : 20250107
<ACCEPTANCE-DATETIME>20250107115521
ACCESSION NUMBER:		0001279569-25-000011
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250107
FILED AS OF DATE:		20250107
DATE AS OF CHANGE:		20250107

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SILVERCORP METALS INC
		CENTRAL INDEX KEY:			0001340677
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34184
		FILM NUMBER:		25514001

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1750
		STREET 2:		1066 W. HASTINGS STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6E 3X1
		BUSINESS PHONE:		6046699397

	MAIL ADDRESS:	
		STREET 1:		SUITE 1750
		STREET 2:		1066 W. HASTINGS STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6E 3X1
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>silvercorp6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 13.5pt"><B>UNITED
STATES</B></FONT><FONT STYLE="font-size: 10pt"><BR>
</FONT><FONT STYLE="font-size: 13.5pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT><FONT STYLE="font-size: 10pt"><BR>
<B>Washington, D.C. 20549</B></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>FORM 6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>REPORT OF FOREIGN PRIVATE
ISSUER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>PURSUANT TO RULE 13a-16 OR
15d-16 OF<BR>
THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">For the month of January, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">Commission File No. 001-34184</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 24pt"><B><U>SILVERCORP
METALS INC.<BR>
</U></B></FONT><FONT STYLE="font-size: 10pt">(Translation of registrant&rsquo;s name into English)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>Suite 1750 - 1066 West Hastings
Street<BR>
<U>Vancouver, BC Canada V6E 3X1<BR>
</U></B>(Address of principal executive office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">[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="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">Form 20-F [&nbsp;&nbsp; ] Form
40-F [ X ]</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">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 STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding: 0.75pt"><FONT STYLE="font-size: 10pt">Dated:
    January 7, 2025</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding: 0.75pt"><FONT STYLE="font-size: 10pt"><B>SILVERCORP METALS INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt">&nbsp;</TD></TR>
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    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding: 0.75pt 0.75pt 0.75pt 24.45pt"><FONT STYLE="font-size: 10pt"><U>/s/
    Jonathan Hoyles</U></FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding: 0.75pt 0.75pt 0.75pt 24.45pt"><FONT STYLE="font-size: 10pt">Jonathan
    Hoyles</FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding: 0.75pt 0.75pt 0.75pt 24.45pt"><FONT STYLE="font-size: 10pt">General
    Counsel and Corporate Secretary</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">EXHIBIT INDEX</P>

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    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding: 0.75pt"><FONT STYLE="font-size: 10pt"><U>EXHIBIT</U></FONT></TD>
    <TD STYLE="white-space: nowrap; font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: center"><FONT STYLE="font-size: 10pt"><U>DESCRIPTION OF EXHIBIT</U></FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding: 0.75pt"><FONT STYLE="font-size: 10pt"><A HREF="ex991.htm">99.1</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; padding: 0.75pt"><FONT STYLE="font-size: 10pt"><A HREF="ex991.htm">News
    Release - January 7, 2025 - Silvercorp Reports on El Domo Project Development Progress and Awarding
the First Construction Contract</A></FONT></TD></TR>
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED JANUARY 7, 2025
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<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right">&nbsp;&nbsp;</P>

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<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Silvercorp Reports on El Domo Project Development
Progress and Awarding the First Construction Contract</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Trading Symbols:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SVM (TSX/NYSE American)<BR>
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
&nbsp; &nbsp; &nbsp; &nbsp;SRL (TSXV), SRLZF (OTCQB)</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">VANCOUVER, BC, Jan. 7, 2025 /CNW/ -&nbsp;<B>Silvercorp
Metals Inc.</B>&nbsp;(&quot;Silvercorp&quot; or the &quot;Company&quot;) (TSX: SVM) (NYSE American: SVM), its Ecuadorian subsidiary Curimining
S.A. (&quot;Curimining&quot;), and Salazar Resources Limited (&quot;Salazar&quot;, together with Silvercorp and Curimining, the &quot;Companies&quot;),
are pleased to provide a progress report on the El Domo Project (the &quot;Project&quot;). The Companies are still targeting to bring
the Project into production in the second half of 2026 and have recently awarded&nbsp;the earthworks contract to a large international
mining contractor with over 10 years of experience working in Ecuador (see below).&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Progress Report</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Since Silvercorp completed its acquisition of Adventus
Mining Corporation (&quot;Adventus&quot;) by way of a plan of arrangement on July 31, 2024,&nbsp;the Companies have made substantial progress
in advancing the Project, highlights include:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 15pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.6pt 2.05pt 0.6pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">a.&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.6pt 2.05pt 15pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Streamlined the Ecuadorian Operations:</B>&nbsp;Optimized the organization chart by moving the management team and personnel to the El Domo and Condor project sites from the Quito office, and by initiating the winding down or transfer of most of the non-core regional projects. &nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.6pt 2.05pt 0.6pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">b.&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.6pt 2.05pt 15pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Continued Community Engagement:</B> Maintained open lines of communication with local communities and government representatives, keeping them informed of changes in the Project ownership and leadership, as well as on construction plans.&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.6pt 2.05pt 0.6pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">c.&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.6pt 2.05pt 0.6pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Advanced Detailed Engineering:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.6pt 2.05pt">&nbsp;</TD>
    <TD STYLE="padding: 0.6pt 2.05pt 0.6pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">a)</FONT></TD>
    <TD STYLE="padding: 0.6pt 2.05pt 0.6pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Reviewed the previous technical work, including interviewing all consulting firms to confirm all previous studies and detailed engineering designs for optimization;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.6pt 2.05pt">&nbsp;</TD>
    <TD STYLE="padding: 0.6pt 2.05pt 0.6pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">b)&nbsp; &nbsp;</FONT></TD>
    <TD STYLE="padding: 0.6pt 2.05pt 0.6pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Optimized design with Klohn Crippen Berger (KCB) for the Tailing Storage Facilities (TSF), starter dam and impound area, Saprolite Waste Dump (SWD), and non-contact water channels;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.6pt 2.05pt">&nbsp;</TD>
    <TD STYLE="padding: 0.6pt 2.05pt 0.6pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">c)&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</FONT></TD>
    <TD STYLE="padding: 0.6pt 2.05pt 0.6pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Selected a new site for the process plant so that its preparation will provide the required non-acid generating rocks for the construction of the starter dam of the TSF, while minimizing trucking distances;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.6pt 2.05pt">&nbsp;</TD>
    <TD STYLE="padding: 0.6pt 2.05pt 0.6pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">d)&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</FONT></TD>
    <TD STYLE="padding: 0.6pt 2.05pt 0.6pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Optimized open pit mine design for mining, stripping, and scheduling, and coordinated the mining schedule with ongoing tailings dam raises using stripped waste rock;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.6pt 2.05pt">&nbsp;</TD>
    <TD STYLE="padding: 0.6pt 2.05pt 0.6pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">e)&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</FONT></TD>
    <TD STYLE="padding: 0.6pt 2.05pt 0.6pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Commenced metallurgical test work on selective flotation &ndash; potentially leading to higher recoveries and improved payabilities (see Silvercorp's August 21, 2024 press release); and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.6pt 2.05pt">&nbsp;</TD>
    <TD STYLE="padding: 0.6pt 2.05pt 0.6pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">f)&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</FONT></TD>
    <TD STYLE="padding: 0.6pt 2.05pt 15pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Started Detailed Engineering Design (EP) for the process plant, including engaging a consulting engineer, equipment selection, purchasing and detailed engineering drawings.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.6pt 2.05pt 0.6pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">d.&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.6pt 2.05pt 0.6pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Advanced Project Infrastructure: </B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.6pt 2.05pt">&nbsp;</TD>
    <TD STYLE="padding: 0.6pt 2.05pt 0.6pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">a)&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</FONT></TD>
    <TD STYLE="padding: 0.6pt 2.05pt 0.6pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Optimized designs for a new public bypass road and internal operational haul roads;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.6pt 2.05pt">&nbsp;</TD>
    <TD STYLE="padding: 0.6pt 2.05pt 0.6pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">b)&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</FONT></TD>
    <TD STYLE="padding: 0.6pt 2.05pt 0.6pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Executed a powerline contract with the Ecuadorian state-owned power company (CNEL EP). The construction contractor will be selected once the updated engineering design is completed; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.6pt 2.05pt">&nbsp;</TD>
    <TD STYLE="padding: 0.6pt 2.05pt 0.6pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">c)&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</FONT></TD>
    <TD STYLE="padding: 0.6pt 2.05pt 15pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Commenced permitting for standby diesel power generation for the dry season, as climate change has impacted the power supply situation in Ecuador.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.6pt 2.05pt 0.6pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">e.&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.6pt 2.05pt 15pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Produced Project Materials Balance:</B>&nbsp;including total cubic metres of cutting, filling, cement, and amount of high-density polyethylene material, and bill of quantities for the major construction projects of the mine and process plant, which are divided into three bidding packages:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.6pt 2.05pt">&nbsp;</TD>
    <TD STYLE="padding: 0.6pt 2.05pt 0.6pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">a)&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</FONT></TD>
    <TD STYLE="padding: 0.6pt 2.05pt 0.6pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Bid Package 1: Construction of temporary camp, TSF to starter dam phase, SWD, non-contact water channels, internal haul roads, and preparation of the process plant site and permanent camp site;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.6pt 2.05pt">&nbsp;</TD>
    <TD STYLE="padding: 0.6pt 2.05pt 0.6pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">b)&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</FONT></TD>
    <TD STYLE="padding: 0.6pt 2.05pt 0.6pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Bid Package 2: Mining, stripping and ongoing tailings dam raises using stripped waste rocks; and &nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.6pt 2.05pt">&nbsp;</TD>
    <TD STYLE="padding: 0.6pt 2.05pt 0.6pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">c)&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</FONT></TD>
    <TD STYLE="padding: 0.6pt 2.05pt 15pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Bid Package 3: Construction of the process plant, tailings discharge and back water systems, water treatment plants, permanent camp, and other site infrastructure.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.6pt 2.05pt 0.6pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">f.&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.6pt 2.05pt 0.6pt 3.95pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Adopted &quot;Unit Cost&quot; Criteria (as compared to &quot;Open Book&quot;)</B>&nbsp;for potential contractors to bid on the three construction packages outlined above. For example, &quot;Unit Cost&quot; for blasting or cutting one cubic metre of rock or saprolite, then loaded and trucked to, within two kilometres, shall include all personnel and management cost, plus any profit contractor intends to have for the work. Monthly total payments will be based on measured cubic metres of cutting.</FONT></P>
                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Award of Commercial Contract for Bid Package 1</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Companies invited three mining contractors with
operations at Ecuadorian mining or construction sites, and the forth contractor which Curimining had engaged previously, and the Companies
received a total of four bids based on the &quot;Unit Cost&quot; criteria.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">After interviews, visiting their current operating
sites in Ecuador, and considering the total bid price, the Companies have awarded Bid Package 1 to CRCC 14 Bureau Group CO., Ltd., a company
with a regional headquarters in Quito and over ten years operating experience in Ecuador building infrastructure in open pit mines and
in the heavy civil construction sectors.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Companies plan to award Bid Packages 2 and 3 in
Q1 2025 to ensure the project stays on schedule to start production in the second half of 2026.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>About Silvercorp </B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Silvercorp is a Canadian mining company producing
silver, gold, lead, and zinc with a long history of profitability and growth potential. The Company's strategy is to create shareholder
value by 1) focusing on generating free cashflow from long-life mines; 2) organic growth through extensive drilling for discovery; 3)
ongoing merger and acquisition efforts to unlock value; and 4) a long-term commitment to responsible mining and ESG. For more information,
please visit our website at <U>www.silvercorpmetals.com</U>.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>About the El Domo Project</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">El-Domo is a high-grade copper-gold project located
in Central Ecuador, approximately 150 km northeast of the major port city of Guayaquil &ndash; about a 3-hour drive. The project concessions
span low-lying hills and plains between 300 to 900 masl. El Domo is a flat-lying tabular shaped VMS deposit, with mineralization beginning
at 30 metres from surface and dimensions of approximately 800 x 400 metres. Three well-maintained gravel roads provide direct site access
to El Domo.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>For further information:</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Silvercorp Metals Inc.&nbsp; &nbsp; &nbsp; &nbsp;
&nbsp; &nbsp; &nbsp; &nbsp;<BR>
Lon Shaver&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
President&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
Phone: (604) 669-9397&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
Toll Free 1(888) 224-1881<BR>
Email: investor@silvercorp.ca &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
Website: www.silvercorpmetals.com&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B><I>CAUTIONARY DISCLAIMER - FORWARD-LOOKING STATEMENTS</I></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">This news release includes &quot;forward-looking statements&quot;
within the meaning of the United States Private Securities Litigation Reform Act of 1995 and &quot;forward-looking information&quot; within
the meaning of applicable securities laws relating to, among other things the discussions regarding strategies for the development of
El Domo; the potential for higher recoveries and improved payabilities based on&nbsp;metallurgical test work on selective flotation; the
obtaining of approvals and permits for the Project and the timing thereof; timing of the awarding of Bid Packages 2 and 3; the start of
construction and production at the Project and the timing thereof. By their very nature, forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different
from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, amongst
others, risks related to the exploration, development, production, recoveries and other anticipated or possible future developments at
the Project, including, without limitation, that exploration, development and production activities will not occur or be as anticipated;
failure to obtain key permits and approvals and to start construction; the outcome of the an Extraordinary Protection Action (the &quot;EPA&quot;)
filed with the Constitutional Court of Ecuador by a group of plaintiffs concerning the environmental consultation process for the Project;
and general economic, business and political conditions. Forward-looking information may in some cases be identified by words such as
&quot;will&quot;, &quot;anticipates&quot;, &quot;expects&quot;, &quot;intends&quot; and similar expressions suggesting future events or
future performance.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">We caution that all forward-looking information is
inherently subject to change and uncertainty and that actual results may differ materially from those expressed or implied by the forward-looking
information. A number of risks, uncertainties and other factors, including the EPA, impacts of the EPA or subsequent litigation on the
Project; outcome of other future litigation or regulatory actions; regulatory environment and political climate in Ecuador; integration
and operations of Adventus;&nbsp;environmental risks; natural disasters; dependence on management and key personnel; risks and hazards
of mining operations; and the other risk factors described in the Company's Annual Information Form and other filings with Canadian and
U.S. regulators on&nbsp;www.sedarplus.ca&nbsp;and&nbsp;www.sec.gov; could cause actual results and events to differ materially from those
expressed or implied in the forward-looking information or could cause our current objectives, strategies and intentions to change. Accordingly,
we warn investors to exercise caution when considering statements containing forward-looking information and that it would be unreasonable
to rely on such statements as creating legal rights regarding our future results or plans. We cannot guarantee that any forward-looking
information will materialize and you are cautioned not to place undue reliance on this forward-looking information. Any forward-looking
information contained in this news release represent expectations as of the date of this news release and are subject to change after
such date. However, we are under no obligation (and we expressly disclaim any such obligation) to update or alter any statements containing
forward-looking information, the factors or assumptions underlying them, whether as a result of new information, future events or otherwise,
except as required by law. All of the forward-looking information in this news release is qualified by the cautionary statements herein.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">A comprehensive discussion of other risks that impact
Silvercorp can also be found in their public reports and filings which are available under its profile at www.sedarplus.ca.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">View original content to download multimedia:https://www.prnewswire.com/news-releases/silvercorp-reports-on-el-domo-project-development-progress-and-awarding-the-first-construction-contract-302344025.html</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">SOURCE Silvercorp Metals Inc</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2025/07/c9735.html</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">%CIK: 0001340677</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">CO: Silvercorp Metals Inc</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">CNW 08:00e 07-JAN-25</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
