Record Revenue, Treasury Assets Increased by 34% During the Quarter

SilverCrest Metals Inc. (TSX: SIL) (NYSE American: SILV) is pleased to provide interim operational results for the second 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.

Q2, 2024 Operating Highlights

• Recovered 15,303 ounces gold and 1.46 million ounces silver, or 2.68 million silver equivalent¹ ounces.
• Sold 14,500 ounces gold and 1.45 million ounces silver, or 2.60 million AgEq ounces.
• Generated record revenue of $72.7 million with average realized price of $2,237/oz gold and $27.84/oz silver, price increases of 8% and 19% respectively from Q1, 2024.
• Ended the quarter with treasury assets of $122.3 million, including $98.3 million cash and $24.0 million bullion.

5. Eric Fier, CEO commented, “We are pleased to deliver another strong quarter in regards to production, grades and recoveries at the Las Chispas Operation. Sales in the first half of 2024 of 5.19 million AgEq ounces position us well to deliver on our 2024 annual sales guidance of 9.8 to 10.2 million ounces AgEq. Silver equivalent processed grades of 765 grams per tonne and recoveries of 98.4% tracked above plan, with silver recoveries setting another record for the operation. This, combined with substantial increases in gold and silver prices in the quarter, drove record revenues and a return to growth of treasury assets in the quarter, despite planned higher sustaining capital expenditures. Also, during the quarter our bullion holdings grew 20% to $24.0 million through the addition of 400 ounces of gold and increased metal prices. Treasury assets increased 34%, to total $122.3 million at the end of the quarter, including $98.3 million in cash. We continue to benefit from having two mining contractors at site, with our financial strength allowing for greater operational flexibility in the ramp-up, including continued management of our stockpiles. We look forward to providing more details of our operational and financial performance in early August.”

Q2, 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.