SilverCrest Metals Inc. (TSX: SIL) (NYSE American: SILV) is pleased to announce the declaration of commercial production at the Company’s Las Chispas Mine located in Sonora, Mexico, effective November 1, 2022.

Declaration of commercial production is based on achieving a continuous two month period operating the processing plant at a minimum of 80% capacity for its name plate design of 1,250 tonnes per day or 1,000 tpd and showing a combined gold and silver recovery or silver equivalent recovery of greater than 85%. The commissioning period was from September 1, 2022, through October 31, 2022, where the plant processed 62,146 tonnes of ore for an average of 1,019 tpd. For the same period, the metallurgical recovery averaged 96.7% gold and 96.8% silver, or 96.7% AgEq.

Pierre Beaudoin, COO stated, “We would like to congratulate our Las Chispas site team and contractors who have played an instrumental role in achieving this milestone on the planned schedule. We have been impressed by the early performance of the Las Chispas processing plant and continue to work to fine tune and complete the ramp up.  Our underground mining team also continues to ramp up the operation with a focus on refinement of mining methods and implementation of grade control procedures.”

1. Eric Fier, CEO commented, “Moving Las Chispas from discovery to production in less than seven years is a monumental achievement. We are extremely proud of the dedication and execution from all involved. We now look forward to finishing our ramp-up to designed levels, generating revenue with subsequent free cash flow, and releasing an updated Technical Report in H1, 2023”.

Construction of the processing plant at Las Chispas was initiated in February 2021 and was completed on time and on budget in May, 2022 with a target of declaring commercial production in Q4, 2022. Throughout commissioning, the processing plant performed in line or ahead of all Feasibility Study* metrics while processing ore primarily sourced from stockpiles including recently mined underground ore. The underground mine is also progressing its ramp-up with a target to exit 2022 at a rate of 600 to 700 tpd, as previously disclosed. In the month of October, 2022  the Company exceeded the lower end of this mining tonnage target.

The Company will provide further details on plant commissioning, underground mining, ramp-up production for Q3, 2022 and year to date in its Q3, 2022 Financials and MD&A and financials.

* NI 43-101 Technical Report & Feasibility Study on The Las Chispas Project dated January 4, 2021 (“Feasibility Study”)

** AgEq is based on the 2021 Feasibility Study Mineral Resource and Reserve gold to silver ratio of 86.9:1 calculated using US$1,410/oz Au and US$16.60/oz Ag

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, and CEO for SilverCrest, who has reviewed and approved its contents.

ABOUT SILVERCREST METALS INC.

SilverCrest is a Canadian precious metals exploration and production company headquartered in Vancouver, BC, that is focused on new discoveries, value-added acquisitions and production assets in Mexico’s historic precious metal districts. The Company’s principal focus is operating its Las Chispas Mine, in Sonora, Mexico. SilverCrest’s ongoing initiative is to increase its asset base by expanding current resources and reserves, acquiring 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.