Record Revenue, Positioned to Meet or Exceed 2024 Sales Guidance

SilverCrest Metals Inc. (TSX: SIL) (NYSE American: SILV) is pleased to provide interim operational results for the third quarter of 2024 from the Company’s Las Chispas Operation located in Sonora, Mexico. All amounts are expressed in U.S. dollars, unless otherwise noted. Certain amounts shown in this news release may not total to exact amounts due to rounding differences.

Q3 2024 Operating Highlights

• Recovered 14,928 ounces gold and 1.41 million ounces silver, or 2.60 million silver equivalent¹ ounces.
• Sold 15,204 ounces gold and 1.45 million ounces silver, or 2.66 million AgEq ounces.
• Generated record revenue of $80.4 million, a 10% increase from Q2 2024.
• Average realized prices of $2,472/oz gold and $29.48/oz silver, increases of 11% and 6% respectively from Q2 2024.
• Treasury assets increased 29% from Q2 2024 to $158.2 million, including $120.9 million cash and $37.4 million bullion.

7. Eric Fier, CEO commented, “We are pleased to announce another quarter of record revenues, a testament to consistent performance from the Las Chispas Operation, coupled with strong metal prices. With silver equivalent sales of 7.9 million ounces in the first three quarters of the year, we are well positioned to deliver at or above the top end of our 2024 annual sales guidance of 10 to 10.3 million ounces AgEq. Our treasury assets continued to grow with increases to both our cash (up 23%) and bullion holdings (up 56%) leading to an ending position of $158.2 million.

Ore mined in the quarter increased by 24% from the previous quarter and continues to track ahead of plan as we benefit from maintaining two underground mining contractors. This acceleration of our mining rate has allowed us to increase our operational flexibility. During the quarter, our team successfully performed capacity testing at the plant which resulted in higher throughput for a portion of the quarter. As planned, we expect plant throughput to return to the range of 1,200 tonnes per day for the remainder of the year.

We are proud to deliver another strong quarter of operational results and look forward to releasing our full financial results on November 12, 2024.”

Q3 2024 Operational Highlights

Qualified Persons Statement 

The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is N. Eric Fier, CPG, P.Eng, CEO for SilverCrest, who has reviewed and approved its contents.

ABOUT SILVERCREST METALS INC.

SilverCrest is a Canadian precious metals producer headquartered in Vancouver, BC.  The Company’s principal focus is its Las Chispas Operation in Sonora, Mexico.  SilverCrest has an ongoing initiative to increase its asset base by expanding current resources and reserves, acquiring, discovering, and developing high value precious metals projects and ultimately operating multiple silver-gold mines in the Americas.  The Company is led by a proven management team in all aspects of the precious metal mining sector, including taking projects through discovery, finance, on time and on budget construction, and production.