Trading Symbol:  TSX: SVM
                              NYSE AMERICAN: SVM

VANCOUVER, BC, Feb. 1, 2024 /CNW/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) today announced the Company received a Merger Clearance Certificate (dated January 30, 2024) from the Tanzanian Fair Competition Commission (the "FCC") providing unconditional merger control approval for the proposed transaction with OreCorp Limited ("OreCorp") by way of Silvercorp's off-market takeover offer (the "Silvercorp Offer"), for all of the OreCorp shares not already owned by Silvercorp for consideration comprising 0.0967 common shares of Silvercorp and A$0.19 cash per OreCorp share (the "Transaction"). The FCC approval represents the sole Tanzanian regulatory requirement needed to complete the Transaction. This approval means that the potential breach of the "no regulatory action" condition in paragraph (c) of Appendix 2 of Silvercorp's Replacement Bidder's Statement dated January 16, 2024 ceases to exist.