UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 40-F
[ ] Registration statement pursuant to Section 12 of the Securities Exchange Act of 1934
or
[ X ] Annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934
For fiscal year ended: March 31, 2020 Commission File number: 001-34184
SILVERCORP METALS INC.
(Exact name of Registrant as specified in its charter)
British Columbia, Canada
(Province or Other Jurisdiction of Incorporation or Organization)
1041
(Primary Standard Industrial Classification Code Number, if applicable)
Not Applicable
(I.R.S. Employer Identification Number (if applicable))
Suite 1750 - 1066 West Hastings Street
Vancouver, British Columbia V6E 3X1, Canada
(604) 669-9397
(Address and Telephone Number of Registrant’s principal executive office)
Corporation Service Company
84 State Street, Boston MA 02109
617-227-9590
(Name, Address and Telephone Number of Agent for Service in the United States)
Copies to:
Christopher L. Doerksen
Dorsey & Whitney LLP
1095 West Pender Street Suite 1070
Vancouver, British Columbia V6E 2M6, Canada
(604) 630-5199
Securities registered or to be registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol
Name of Each Exchange On Which Registered
Common Shares, without par value
SVM
NYSE American
Securities registered or to be registered pursuant to Section 12(g) of the Act: none
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: none
For annual reports, indicate by check mark the information filed with this Form:
[ X ] Annual information form
[ X ] Audited annual financial statements
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period
covered by the annual report: 173,816,834
Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act
during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been
subject to such filing requirements in the past 90 days.
Yes [ X ] No [ ]
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted
pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the
Registrant was required to submit and post such files).
Yes [ X ] No [ ]
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.
Emerging growth company [ ]
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. [ ]
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. [ X ]
The following documents, filed as Exhibits 99.1, 99.2 and 99.3 to this Annual Report on Form 40-F of Silvercorp Metals
Inc. (“Silvercorp” or the “Company”), are hereby incorporated by reference into this Annual Report on Form 40-F:
PRINCIPAL DOCUMENTS
(a)
(b)
(c)
Annual Information Form for the fiscal year ended March 31, 2020;
Management’s Discussion and Analysis for the fiscal year ended March 31, 2020; and
Audited Consolidated Financial Statements for the fiscal year ended March 31, 2020 and notes thereto,
together with the report of Independent Registered Public Accounting Firm thereon. Silvercorp’s Audited
Consolidated Financial Statements included in this Annual Report on Form 40-F have been prepared in
accordance with International Financial Reporting Standards, as issued by the International Accounting
Standards Board. Therefore, they are not comparable in all respects to financial statements of United
States companies that are prepared in accordance with United States generally accepted accounting
principles.
CERTIFICATIONS AND DISCLOSURE REGARDING CONTROLS AND PROCEDURES
Certifications. See Exhibits 99.4, 99.5, 99.6 and 99.7 to this Annual Report on Form 40-F.
Disclosure Controls and Procedures. As of the end of the Company’s fiscal year ended March 31, 2020, an
evaluation of the effectiveness of the Company’s “disclosure controls and procedures” (as such term is defined in
Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) was
carried out by the Company’s management, with the participation of its principal executive officer and principal
financial officer. Based upon that evaluation, the Company’s principal executive officer and principal financial
officer have concluded that as of the end of that fiscal year, the Company’s disclosure controls and procedures are
effective to ensure that information required to be disclosed by the Company in reports that it files or submits
under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in
Securities and Exchange Commission (the “Commission”) rules and forms and (ii) accumulated and
communicated to the Company’s management, including its principal executive officer and principal financial
officers, to allow timely decisions regarding required disclosure.
It should be noted that while the Company’s principal executive officer and principal financial officer believe that
the Company’s disclosure controls and procedures provide a reasonable level of assurance that they are effective,
they do not expect that the Company’s disclosure controls and procedures or internal control over financial
reporting will prevent all errors or fraud. A control system, no matter how well conceived or operated, can
provide only reasonable, not absolute, assurance that the objectives of the control system are met.
Management’s Annual Report on Internal Control Over Financial Reporting. The required disclosure is included
in under the heading “Management’s Report on Internal Control over Financial Reporting” in the Company’s
Management’s Discussion and Analysis for the fiscal year ended March 31, 2020, filed as Exhibit 99.2 to this
Annual Report on Form 40-F.
Attestation Report of the Independent Registered Public Accounting Firm. The Company’s independent
registered public accounting firm, Deloitte LLP, which audited the consolidated financial statements included in
this Annual Report on Form 40-F, has issued an attestation report on management’s assessment of the Company’s
internal control over financial reporting, entitled “Report of Independent Registered Public Accounting Firm,”
that accompanies the Company’s Consolidated Financial Statements for the fiscal year ended March 31, 2020,
filed as Exhibit 99.3 to this Annual Report on Form 40-F.
Changes in Internal Control Over Financial Reporting. There was no change in the Company’s internal control
over financial reporting during the period covered by this Annual Report on Form 40-F that has materially
affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
(a)
(b)
(c)
(d)
(e)
The Company was not required by Rule 104 of Regulation BTR to send any notices to any of its directors or
executive officers during the fiscal year ended March 31, 2020.
NOTICES PURSUANT TO REGULATION BTR
AUDIT COMMITTEE FINANCIAL EXPERT
The Company’s board of directors (the “Board”) has determined that it has at least one audit committee financial
expert (as such term is defined in Form 40-F) serving on its audit committee. The Board has determined that David Kong
is an audit committee financial expert and is independent (as determined under the rules of the NYSE American LLC
(“NYSE American”)).
Mr. David Kong holds a Bachelor in Business Administration and earned his Chartered Accountant designation in
British Columbia in 1978 and U.S. CPA (Illinois) designation in 2002. From 1981 to 2004, he was partner of Ellis Foster
Chartered Accountants and a partner at Ernst & Young LLP from 2005 to 2010. Currently, Mr. Kong is a director of New
Pacific Metals Corp., Uranium Energy Corp., and Gold Mining Inc. Mr. Kong is a certified director (ICD.C) of the
Institute of Corporate Directors.
CODE OF ETHICS
The Board has adopted a written code of ethics entitled, “Code of Business Conduct and Ethics” (the “Code”), by
which it and all officers and employees of the Company, including the Company’s principal executive officer, principal
financial officer, principal accounting officer or controller, and persons performing similar functions, are required to
abide. There were no amendments to the Code, or waivers of the Code that apply to the Company’s principal executive
officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions
during the fiscal year ended March 31, 2020, except that on February 5, 2020, the Code was amended to, among other
changes, update the Company’s policy on inside information and securities trading and clarify that whistleblower
complaints may be made through the Company’s whistleblower phone lines. In addition, on June 18, 2020 the Code was
further amended and restated following a general review. The changes to the Code included, without limitation:
Expanding the scope of persons subject to the Code to include consultants;
Expanding the description of the adverse consequences that an individual may face for violation of the Code;
Updates to our anti-corruption policies;
Clarifying that the Code is subject to applicable whistleblower laws; and
Other clarifications and typographical corrections.
Each of the above amendments is attached as an exhibit to this Form 40-F. The Code is also posted on the
Company’s website at http://www.silvercorpmetals.com/company/corporate_governance, and a copy of the Code may be
obtained, without charge, by contacting the Corporate Secretary of the Company at the address or telephone number
indicated on the cover page of this Annual Report on Form 40-F. If there is an amendment to the Code, or if a waiver of
the Code is granted to any of the Company’s principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, the Company intends to disclose any such amendment or
waiver by posting such information on the Company’s website. Unless and to the extent specifically referred to herein, the
information on the Company’s website shall not be deemed to be incorporated by reference in this Annual Report on
Form 40-F.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
The required disclosure is included under the heading “Item 11. Audit Committee − External Auditor Services
Fees” in the Company’s Annual Information Form for the fiscal year ended March 31, 2020, filed as Exhibit 99.1 to this
Annual Report on Form 40-F.
AUDIT COMMITTEE PRE-APPROVAL POLICIES AND PROCEDURES
See Item 11 of the Company’s Annual Information Form, which is attached hereto as Exhibit 99.1. All audit-
related fees, tax fees, or all other fees were approved by the Audit Committee pursuant to Rule 2-01(c)(7)(i) of Regulation
S-X. However, none of such fees were approved pursuant to the exemption provided in Rule 2-01(c)(7)(i)(C) of
Regulation S-X.
The Company does not have any off-balance sheet arrangements.
OFF-BALANCE SHEET ARRANGEMENTS
TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS
The following table presents information regarding the Company’s known contractual obligations by maturity as
of March 31, 2020:
Contractual Obligations
Payment due by period (in thousands of dollars)
Total
Less than 1 year
1-3 years
3-5 years
More than 5 years
Accounts payable and accrued
liabilities
Lease obligation
Total
$23,129
$2,069
$25,198
$23,129
$567
$23,696
$-
$1,043
$1,043
$-
$421
$421
$-
$38
$38
IDENTIFICATION OF THE AUDIT COMMITTEE
The Company’s Board has a separately designated standing Audit Committee established in accordance with
section 3(a)(58)(A) of the Exchange Act. The Company’s Audit Committee is comprised of Paul Simpson, David Kong
and Marina Katusa. The Board has determined that each of the members of the Audit Committee is independent as
determined under Rule 10A-3 of the Exchange Act and Section 803 of the NYSE American company guide.
The Company does not operate any mine in the United States and has no mine safety incidents to report for the
year ended March 31, 2020.
MINE SAFETY DISCLOSURE
NYSE AMERICAN STATEMENT OF CORPORATE GOVERNANCE DIFFERENCES
The common shares of the Company are listed on the NYSE American. Section 110 of the NYSE American
company guide permits NYSE American to consider the laws, customs and practices of foreign issuers in relaxing certain
NYSE American listing criteria, and to grant exemptions from NYSE American listing criteria based on these
considerations. A description of the significant ways in which the Company’s governance practices differ from those
followed by domestic companies pursuant to NYSE American standards is provided on the Company’s website at
http://silvercorpmetals.com.
A.
Undertaking
UNDERTAKING AND CONSENT TO SERVICE OF PROCESS
Silvercorp Metals Inc. undertakes to make available, in person or by telephone, representatives to respond to
inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff,
information relating to: the securities in relation to which the obligation to file an annual report on Form 40-F arises; or
transactions in said securities.
B.
Consent to Service of Process
The Company has previously filed with the Commission an Appointment of Agent for Service of Process and
Undertaking on Form F-X with respect to the class of securities in relation to which the obligation to file this Form 40-F
arises.
Any change to the name or address of the agent for service of process of the Company shall be communicated
promptly to the Commission by an amendment to the Form F-X referencing the file number of the Company.
EXHIBITS
99.1 Annual Information Form of the Company for the year ended March 31, 2020
99.2 Management’s Discussion and Analysis of Financial Condition and Results of Operations for the Year Ended
March 31, 2020
99.3 Consolidated Financial Statements comprised of Consolidated Statements of Financial Position as at March 31,
2020 and 2019, Consolidated Statements of Income, Comprehensive Income (Loss), Cash Flows, and Changes in
Equity for the years ended March 31, 2020 and 2019, and Notes to Consolidated Financial Statements
99.4 Certificate of Chief Executive Officer Pursuant to Rule 13a-14(a) of the Exchange Act
99.5 Certificate of Chief Financial Officer Pursuant to Rule 13a-14(a) of the Exchange Act
99.6 Certificate of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section
906 of the Sarbanes-Oxley Act of 2002
99.7 Certificate of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002
99.8 Consent of Deloitte LLP, Independent Registered Public Accounting Firm
99.9 Consent of Alan Riles
99.10 Consent of AMC Mining Consultants (Canada) Ltd
99.11 Consent of Herbert Smith
99.12 Consent of Patrick Stephenson
99.13 Consent of Adrienne Ross
99.14 Consent of Dinara Nussipakynova
99.15 Consent of Guoliang Ma
99.16 Code of Business Conduct and Ethics (as currently in effect)
99.17 Code of Business Conduct and Ethics (February 5, 2020 amendment, now superseded)
101.INS
XBRL Instance Document
101.SCH
XBRL Taxonomy Extension Schema Document
101.CAL
XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF
XBRL Taxonomy Definition Linkbase Document
101.LAB
XBRL Taxonomy Extension Label Linkbase Document
101.PRE
XBRL Taxonomy Extension Presentation Linkbase Document
SIGNATURES
Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for
filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly
authorized.
Date: June 23, 2020
SILVERCORP METALS INC.
By: _/s/ Rui Feng_____________________
Name: Dr. Rui Feng
Title: Chief Executive Officer
EXHIBIT 99.1
EXHIBIT 99.2
EXHIBIT 99.3
EXHIBIT 99.4
CERTIFICATION REQUIRED BY RULE 13a-14(a) OR RULE 15d-14(a), PURSUANT
TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Dr. Rui Feng, certify that:
1.
I have reviewed this Annual Report on Form 40-F of Silvercorp Metals Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly
present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods
presented in this report;
4.
The issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in
Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:
(a)
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the issuer, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report
is being prepared;
designed such internal control over financial reporting, or caused such internal control over financial
(b)
reporting 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 generally accepted
accounting principles;
evaluated the effectiveness of the issuer’s disclosure controls and procedures and presented in this report
(c)
our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and
(d)
disclosed in this report any change in the issuer’s internal control over financial reporting that occurred
during the period covered by the annual report that has materially affected, or is reasonably likely to materially
affect, the issuer’s internal control over financial reporting; and
5.
The issuer’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the issuer’s auditors and the audit committee of the issuer’s board of directors (or persons performing the
equivalent functions):
all significant deficiencies and material weaknesses in the design or operation of internal control over
(a)
financial reporting which are reasonably likely to adversely affect the issuer’s ability to record, process, summarize
and report financial information; and
(b)
role in the issuer’s internal control over financial reporting.
any fraud, whether or not material, that involves management or other employees who have a significant
Date: June 23, 2020
_/s/ Rui Feng____________________________
Name: Dr. Rui Feng
Title: Chief Executive Officer
EXHIBIT 99.5
CERTIFICATION REQUIRED BY RULE 13a-14(a) OR RULE 15d-14(a), PURSUANT
TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Derek Liu, certify that:
1.
I have reviewed this Annual Report on Form 40-F of Silvercorp Metals Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly
present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods
presented in this report;
4.
The issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in
Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:
(a)
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the issuer, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report
is being prepared;
designed such internal control over financial reporting, or caused such internal control over financial
(b)
reporting 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 generally accepted
accounting principles;
evaluated the effectiveness of the issuer’s disclosure controls and procedures and presented in this report
(c)
our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and
disclosed in this report any change in the issuer’s internal control over financial reporting that occurred
(d)
during the period covered by the annual report that has materially affected, or is reasonably likely to materially
affect, the issuer’s internal control over financial reporting; and
5.
The issuer’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the issuer’s auditors and the audit committee of the issuer’s board of directors (or persons performing the
equivalent functions):
all significant deficiencies and material weaknesses in the design or operation of internal control over
(a)
financial reporting which are reasonably likely to adversely affect the issuer’s ability to record, process, summarize
and report financial information; and
(b)
role in the issuer’s internal control over financial reporting.
any fraud, whether or not material, that involves management or other employees who have a significant
Date: June 23, 2020
_/s/ Derek Liu___________________________
Name: Derek Liu
Title: Chief Financial Officer
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ENACTED PURSUANT TO
SECTION 906 OF THE U.S. SARBANES-OXLEY ACT OF 2002
EXHIBIT 99.6
Silvercorp Metals Inc. (the “Company”) is filing with the U.S. Securities and Exchange Commission on the date hereof,
its Annual Report on Form 40-F for the fiscal year ended March 31, 2020 (the “Report”).
I, Dr. Rui Feng, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as enacted pursuant
to section 906 of the U.S. Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
i.
ii.
the Report fully complies with the requirements of section 13(a) or 15(d) of the U.S. Securities Exchange
Act of 1934; and
the information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Company.
Date: June 23, 2020
/s/ Rui Feng
Name: Dr. Rui Feng
Title: Chief Executive Officer
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ENACTED PURSUANT TO
SECTION 906 OF THE U.S. SARBANES-OXLEY ACT OF 2002
EXHIBIT 99.7
Silvercorp Metals Inc. (the “Company”) is filing with the U.S. Securities and Exchange Commission on the date hereof,
its Annual Report on Form 40-F for the fiscal year ended March 31, 2020 (the “Report”).
I, Derek Liu, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as enacted pursuant to
section 906 of the U.S. Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:
i.
ii.
the Report fully complies with the requirements of section 13(a) or 15(d) of the U.S. Securities Exchange
Act of 1934; and
the information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Company.
Date: June 23, 2020
/s/ Derek Liu
Name: Derek Liu
Title: Chief Financial Officer
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
EXHIBIT 99.8
We consent to the incorporation by reference in Registration Statement No. 333-162546 on Form S-8 and to the use of our
reports dated May 21, 2020 relating to the financial statements of Silvercorp Metals Inc. (the “Company”) and the
effectiveness of the Company’s internal control over financial reporting appearing in this Annual Report on Form 40-F of
the Company for the year ended March 31, 2020.
/s/ Deloitte LLP
Chartered Professional Accountants
Vancouver, Canada
June 23, 2020
EXHIBIT 99.9
CONSENT OF EXPERT
Reference is made to the Annual Report on Form 40-F, and the documents incorporated by reference therein, of
Silvercorp Metals Inc. for the fiscal year ended March 31, 2020, and any amendments thereto (the “40-F”), to be filed
with the United States Securities and Exchange Commission (the “SEC”), and the Annual Information Form (the “AIF”)
and Management’s Discussion and Analysis (the “MD&A”) for the year then ended, which are filed as exhibits to and
incorporated by reference in the 40-F, and the Registration Statement on Form S-8 (Registration No. 333-162546) of
Silvercorp Metals Inc. filed with the SEC (the “Form S-8”).
I hereby consent to the use of my name and references to, excerpts from, and summaries of, the following report in the 40-
F, the AIF, the MD&A and Form S-8:
Technical Report titled “NI 43-101 Technical Report Update on the Gaocheng Ag-Zn-Pb Project in Guangdong
Province, People’s Republic of China” prepared for Silvercorp Metals Inc., dated effective June 30, 2019.
_/s/ Alan Riles_______________________
Alan Riles, B.Met, MAIG
And on behalf of AMC Mining Consultants (Canada) Ltd
June 23, 2020
CONSENT OF EXPERT
EXHIBIT 99.10
Reference is made to the Annual Report on Form 40-F, and the documents incorporated by reference therein, of
Silvercorp Metals Inc. for the fiscal year ended March 31, 2020, and any amendments thereto (the “40-F”), to be filed
with the United States Securities and Exchange Commission (the “SEC”), and the Annual Information Form (the “AIF”)
and Management’s Discussion and Analysis (the “MD&A”) for the year then ended, which are filed as exhibits to and
incorporated by reference in the 40-F, and the Registration Statement on Form S-8 (Registration No. 333-162546) of
Silvercorp Metals Inc. filed with the SEC (the “Form S-8”).
We hereby consent to the use of our firm’s name and references to, excerpts from, and summaries of, the following report
in the 40-F, the AIF, the MD&A and Form S-8:
Technical Report titled “Ying NI 43-101 Technical Report, Silvercorp Metals Inc., Henan Province, China”
prepared for Silvercorp Metals Inc., dated effective December 31, 2016, and signed on February 15, 2017; and
Technical Report titled “NI 43-101 Technical Report Update on the Gaocheng Ag-Zn-Pb Project in Guangdong
Province, People’s Republic of China” prepared for Silvercorp Metals Inc., dated effective June 30, 2019.
_/s/ AMC Mining Consultants (Canada) Ltd_______________________
AMC Mining Consultants (Canada) Ltd
June 23, 2020
CONSENT OF EXPERT
EXHIBIT 99.11
Reference is made to the Annual Report on Form 40-F, and the documents incorporated by reference therein, of
Silvercorp Metals Inc. for the fiscal year ended March 31, 2020, and any amendments thereto (the “40-F”), to be filed
with the United States Securities and Exchange Commission (the “SEC”), and the Annual Information Form (the “AIF”)
and Management’s Discussion and Analysis (the “MD&A”) for the year then ended, which are filed as exhibits to and
incorporated by reference in the 40-F, and the Registration Statement on Form S-8 (Registration No. 333-162546) of
Silvercorp Metals Inc. filed with the SEC (the “Form S-8”).
I hereby consent to the use of my name and references to, excerpts from, and summaries of, the following report in the 40-
F, the AIF, the MD&A and Form S-8:
Technical Report titled “Ying NI 43-101 Technical Report, Silvercorp Metals Inc., Henan Province, China”
prepared for Silvercorp Metals Inc., dated effective December 31, 2016, and signed on February 15, 2017; and
Technical Report titled “NI 43-101 Technical Report Update on the Gaocheng Ag-Zn-Pb Project in Guangdong
Province, People’s Republic of China” prepared for Silvercorp Metals Inc., dated effective June 30, 2019.
_/s/ Herbert Smith_______________________
Herbert Smith, P.Eng.
And on behalf of AMC Mining Consultants (Canada) Ltd
June 23, 2020
CONSENT OF EXPERT
EXHIBIT 99.12
Reference is made to the Annual Report on Form 40-F, and the documents incorporated by reference therein, of
Silvercorp Metals Inc. for the fiscal year ended March 31, 2020, and any amendments thereto (the “40-F”), to be filed
with the United States Securities and Exchange Commission (the “SEC”), and the Annual Information Form (the “AIF”)
and Management’s Discussion and Analysis (the “MD&A”) for the year then ended, which are filed as exhibits to and
incorporated by reference in the 40-F, and the Registration Statement on Form S-8 (Registration No. 333-162546) of
Silvercorp Metals Inc. filed with the SEC (the “Form S-8”).
I hereby consent to the use of my name and references to, excerpts from, and summaries of, the following reports in the
40-F, the AIF, the MD&A and Form S-8:
Technical Report titled “Ying NI 43-101 Technical Report, Silvercorp Metals Inc., Henan Province, China”
prepared for Silvercorp Metals Inc., dated effective December 31, 2016, and signed on February 15, 2017; and
Technical Report titled “NI 43-101 Technical Report Update on the Gaocheng Ag-Zn-Pb Project in Guangdong
Province, People’s Republic of China” prepared for Silvercorp Metals Inc., dated effective June 30, 2019.
_/s/ Patrick Stephenson_______________________
Patrick Stephenson, P.Geo.
And on behalf of AMC Mining Consultants (Canada) Ltd
June 23, 2020
CONSENT OF EXPERT
EXHIBIT 99.13
Reference is made to the Annual Report on Form 40-F, and the documents incorporated by reference therein, of
Silvercorp Metals Inc. for the fiscal year ended March 31, 2020, and any amendments thereto (the “40-F”), to be filed
with the United States Securities and Exchange Commission (the “SEC”), and the Annual Information Form (the “AIF”)
and Management’s Discussion and Analysis (the “MD&A”) for the year then ended, which are filed as exhibits to and
incorporated by reference in the 40-F, and the Registration Statement on Form S-8 (Registration No. 333-162546) of
Silvercorp Metals Inc. filed with the SEC (the “Form S-8”).
I hereby consent to the use of my name and references to, excerpts from, and summaries of, the following report in the 40-
F, the AIF, the MD&A and Form S-8:
Technical Report titled “Ying NI 43-101 Technical Report, Silvercorp Metals Inc., Henan Province, China”
prepared for Silvercorp Metals Inc., dated effective December 31, 2016, and signed on February 15, 2017.
_/s/ Adrienne Ross_______________________
Adrienne Ross, P.Geo.
And on behalf of AMC Mining Consultants (Canada) Ltd
June 23, 2020
CONSENT OF EXPERT
EXHIBIT 99.14
Reference is made to the Annual Report on Form 40-F, and the documents incorporated by reference therein, of
Silvercorp Metals Inc. for the fiscal year ended March 31, 2020, and any amendments thereto (the “40-F”), to be filed
with the United States Securities and Exchange Commission (the “SEC”), and the Annual Information Form (the “AIF”)
and Management’s Discussion and Analysis (the “MD&A”) for the year then ended, which are filed as exhibits to and
incorporated by reference in the 40-F, and the Registration Statement on Form S-8 (Registration No. 333-162546) of
Silvercorp Metals Inc. filed with the SEC (the “Form S-8”).
I hereby consent to the use of my name and references to, excerpts from, and summaries of, the following report in the 40-
F, the AIF, the MD&A and Form S-8:
Technical Report titled “NI 43-101 Technical Report Update on the Gaocheng Ag-Zn-Pb Project in Guangdong
Province, People’s Republic of China” prepared for Silvercorp Metals Inc., dated effective June 30, 2019.
_/s/ Dinara Nussipakynova _______________________
Dinara Nussipakynova, P.Geo.
And on behalf of AMC Mining Consultants (Canada) Ltd
June 23, 2020
CONSENT OF EXPERT
EXHIBIT 99.15
Reference is made to the Annual Report on Form 40-F, and the documents incorporated by reference therein, of
Silvercorp Metals Inc. for the fiscal year ended March 31, 2020, and any amendments thereto (the “40-F”), to be filed
with the United States Securities and Exchange Commission (the “SEC”), and the Annual Information Form (the “AIF”)
and Management’s Discussion and Analysis (the “MD&A”) for the year then ended, which are filed as exhibits to and
incorporated by reference in the 40-F, and the Registration Statement on Form S-8 (Registration No. 333-162546) of
Silvercorp Metals Inc. filed with the SEC (the “Form S-8”).
I hereby consent to the use of my name and references to, and the information derived from scientific and technical
information contained in the MD&A.
_/s/ Guoliang Ma_______________________
Guoliang Ma, P.Geo.
June 23, 2020
EXHIBIT 99.16
EXHIBIT 99.17