2024 Record Sales Exceed Guidance and Drive Record Annual Revenue

SilverCrest Metals Inc. (TSX: SIL) (NYSE American: SILV) is pleased to provide interim operational results for the fourth quarter of 2024 and full year 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.

Q4 2024 Operating Highlights

• Recovered 13,993 ounces gold and 1.38 million ounces silver, or 2.50 million silver equivalent¹ ounces.
• Sold 15,100 ounces gold and 1.45 million ounces silver, or 2.65 million AgEq ounces.
• Average realized prices of $2,647/oz gold and $31.26/oz silver, generating revenue of $85.2 million, a 6% increase from Q3 2024.
• Treasury assets increased by $35.2 million from Q3 2024 to end the quarter at $193.4 million, including $153.4 million in cash and $40.0 million in bullion.

2024 Operating Results and Sales

• Recovered 58,943 ounces of gold and 5.66 million ounces of silver, or 10.35 million AgEq ounces.
• Sold 59,804 ounces of gold and 5.75 million ounces of silver, or 10.50 million AgEq ounces, exceeding our 2024 sales guidance of 10.0 to 10.3 million AgEq ounces.
• Average realized price of $2,356/oz gold and $28.03/oz silver generating $301.9 million of revenue, a $56.8 million, or 23%, increase from 2023.
• Treasury assets increased by $88.3 million during 2024 to end the year at $193.4 million.

2024. Eric Fier, CEO commented, “For a second consecutive year since declaring commercial production, the Las Chispas operation has exceeded expectations on numerous operational metrics and done so in a safe manner, with no lost time injuries recorded. These outstanding achievements are a direct result of the exceptional efforts by our employees in Mexico and Canada and I would like to thank them all for their contributions in 2024.

Due to their efforts, we achieved record annual sales, which exceeded the top end of our 2024 guidance, delivered a 15% beat on tonnes mined relative to budget, achieved targeted plant throughput and availability, and exceeded budgeted silver equivalent processed grades by approximately 7%. Importantly, all of this was achieved while maintaining a sizable surface stockpile which will allow for continued flexibility at the operation. These efforts resulted in record annual revenue of $301.9 million, driving a 84% increase in treasury assets.”

The Company is continuing to advance its announced transaction with Coeur Mining, Inc., which remains on track to close in Q1 2025. All materials related to the transaction can be accessed at the Company’s website at https://silvercrestmetals.com/transaction/, or under the Company’s profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The special meeting of shareholders and optionholders of the Company to consider the transaction will be held on February 6, 2025 at 10:00 a.m. (PT). Securityholders are encouraged to read the Management Information Circular (the “Circular”) which was mailed on January 13, 2025, and vote their SilverCrest shares and options as soon as possible, in accordance with the instructions accompanying the form of proxy or voting instruction form mailed to securityholders together with the Circular.

The deadline for voting SilverCrest shares and options by proxy is 10:00 a.m. (PT) on February 4, 2025.

Q4 2024 Operational Highlights

(a) Ore milled includes material from stockpiles and ore mined.

Management Appointments

Clifford Lafleur, P.Eng, has been promoted to Senior Vice President, Operations and Tara Hassan, P.Eng, has been promoted to Senior Vice President, Corporate Development, recognizing their invaluable contributions to date.

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.