Mr. Christian Kargl-Simard of Adventus reports

ADVENTUS ANNOUNCES CLOSING OF C$25.6 MILLION PRIVATE PLACEMENT OF SHARES TO SILVERCORP

Adventus Mining Corp. has closed the previously announced private placement of 67,441,217 common shares of Adventus at an issue price of 38 cents per common share to Silvercorp Metals Inc. for aggregate gross proceeds to Adventus of $25,627,662. As previously announced on April 26, 2024, the placement was completed in conjunction with the proposed acquisition by Silvercorp of all of the issued and outstanding common shares of Adventus by way of a plan of arrangement pursuant to an arrangement agreement between Adventus and Silvercorp.

With the completion of the placement, Silvercorp now holds approximately 15 per cent of the total issued and outstanding common shares. Adventus expects to use the proceeds from the placement to: (i) repay the amounts outstanding under a credit facility with Trafigura Pte. Ltd. in the amount of approximately $9.9-million, which includes penalties payable for the early repayment under the facility; (ii) finance the settlement of the outstanding amounts payable pursuant to a convertible loan agreement between Adventus and Altius Resources Inc. in the amount of approximately $9.6-million; (iii) finance normal course activities at the El Domo project in the amount of approximately $2.7-million; and (iv) finance general working capital expenses in the amount of $3.4-million, which expenses are expected to include the financing of early development expenditures to advance construction of the El Domo project, and financing general and administrative expenses between announcement and closing of the transaction.

The common shares issued to Silvercorp pursuant to the placement are subject to a statutory four-month hold period under applicable Canadian securities laws ending on Sept. 2, 2024. The placement is subject to the final acceptance of the TSX Venture Exchange. Completion of the placement and the repayment of indebtedness does not provide a guarantee that the transaction will be completed.

For additional information on the transaction, please refer to the joint news release of Adventus and Silvercorp dated April 26, 2024, a copy of which is available on SEDAR+ under Adventus's issuer profile.

Required early warning report disclosure

Immediately prior to the closing of the placement, Silvercorp did not have beneficial ownership of, or control or direction over, any common shares. After giving effect to the private placement, Silvercorp has beneficial ownership of, or control or direction over, 67,441,217 common shares, representing approximately 15 per cent of the issued and outstanding common shares.

Silvercorp acquired such common shares in connection with the transaction and for investment purposes. Pursuant to the arrangement agreement, Silvercorp agreed to acquire all of the issued and outstanding common shares that it does not already own at the closing of the transaction.

An early warning report in respect of the placement will be filed in accordance with applicable securities laws and will be available on SEDAR+ under Adventus's issuer profile. To obtain a copy of the early warning report, once filed, please contact Silvercorp at Suite 1750, 1066 West Hastings St., Vancouver, B.C., V6E 3X1, attention: investor relations.

Adventus's head office address is Suite 550, 220 Bay St., Toronto, Ont., M5J 2W4.

About Adventus Mining Corp.

Adventus is an Ecuador-focused copper-gold exploration and development company. Adventus is advancing the majority-owned Curipamba copper-gold project, which has a completed feasibility study on the shallow and high-grade El Domo deposit. With the recent merger with Luminex Resources Corp., Adventus owns the Condor gold project and a large exploration project portfolio that spans over 135,000 hectares -- one of the largest holdings in Ecuador. The company's strategic shareholders include Ross Beaty's Lumina Group, Altius Minerals Corp., Wheaton Precious Metals Corp. and significant Ecuadorian investors.

About Silvercorp Metals Inc.

Silvercorp is a Canadian mining company producing silver, gold, lead and zinc with a long history of profitability and growth potential. Silvercorp's strategy is to create shareholder value by: (i) focusing on generating free cash flow from long-life mines; (ii) organic growth through extensive drilling for discovery; (iii) continuing merger and acquisition efforts to unlock value; and (iv) long-term commitment to responsible mining and ESG (environmental, social and governance).

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