Mr. Alvaro Espinoza reports

SILVER MOUNTAIN RESOURCES COMMENCES HIGH-IMPACT 7,000-METRE UNDERGROUND DRILL PROGRAM AT RELIQUIAS TO UPGRADE RESOURCES, EXPAND INVENTORY AND DEFINE HIGH-GRADE ZONES AHEAD OF RESTART

Silver Mountain Resources Inc. has commenced a high-impact 7,000-metre underground infill drilling program at its Reliquias mine in Huancavelica, Peru. The program is specifically designed to upgrade the company's mineral resources, expand the existing inventory and delineate high-grade zones that could enhance early production feed ,and strengthen the long-term mine plan as Silver Mountain advances toward its planned restart.

Program highlights (value-driven objectives)

The campaign is designed to deliver tangible, near-term catalysts by:

• Upgrading inferred resources to indicated to increase confidence and reduce technical risk;
• Expanding the mineral resource base through tighter drill spacing and improved structural interpretation;
• Expanding the existing inventory through drilling near known mineralized zones along the vein's strike;
• Delineating high-grade shoots to support grade optimization and stronger early production sequencing;
• Strengthening the geological model and improving mine planning precision;
• Supporting mine life growth and future operational scalability.

"This drill program has been designed to materially strengthen Reliquias ahead of production," said Alvaro Espinoza, chief executive officer of Silver Mountain. "Our focus is clear: convert resources, grow inventory and define high-grade zones that can improve the quality of early mine feed and reinforce the longer-term production profile. Reliquias is a cornerstone asset with meaningful upside, and this program is an important step toward unlocking that potential for shareholders."

Designed for precision and execution

The program will be completed from underground drill platforms, enabling high-precision targeting of mineralized structures and efficient execution within the mine infrastructure. By concentrating on the Sacasipuedes, Ayayay and Perseguida veins, the company aims to improve confidence in mineralized continuity and generate data that can directly support mine planning, production sequencing and future resource updates.

Restart momentum

Underground development and refurbishment activities are under way to support the planned restart, with production currently targeted to commence in the third quarter of 2026. The company believes that advancing resource confidence and identifying high-grade zones can provide meaningful benefits to restart readiness and operational planning.

The company will provide updates as drilling progresses and assay results become available.

Qualified person

Antonio Cruz Bermudez, PGeo, registered member FAIG, has reviewed and approved the scientific and technical disclosure in this news release. Antonio Cruz Bermudez is a qualified person (as defined by National Instrument 43-101 -- Standards for Disclosure for Mineral Projects (NI 43-101)) and, as an independent consultant of the company, is considered to be independent of the company for purposes of Section 1.5 of NI 43-101.

Other corporate update

The company also announces, further to its news release dated Feb. 5, 2026, and entitled "AGMR Announces Certain Directors to Receive shares In Lieu of Fees," that the company has issued the following Class A common shares of the company pursuant to its security-based compensation arrangements with the directors of the company: (i) with respect to the period ended Sept. 30, 2025, a total of 27,252 common shares were issued at a deemed price of $3.09 per common share; and (ii) with respect to the period ended Dec. 31, 2025, a total of 17,693 common shares were issued at a deemed price of $3.92 per common share. These common shares are subject to a statutory hold period in Canada expiring four months and one day from the date of issuance.

About Silver Mountain Resources Inc.

Silver Mountain Resources is a Canadian mining company focused on the exploration and development of silver projects in Peru. The company's principal asset is the Reliquias project, a past-producing silver mine located in the Castrovirreyna district of Huancavelica. Silver Mountain is committed to creating long-term value for its shareholders through responsible mining, strong community engagement and sustainable development practices.

For additional information on the Reliquias project, please refer to the technical report titled "Amended and Restated NI 43-101 Technical Report: Preliminary Economic Assessment, Reliquias Mine, Department of Huancavelica, Peru" dated Oct. 28, 2024 (with an effective date of May 15, 2024), which was prepared for the company by Steven L. Park, Antonio Cruz Bermudez and Gerardo Acuna (the Reliquias PEA). Readers are encouraged to read the Reliquias PEA in its entirety, including all assumptions, parameters, qualifications, limitations and methods therein. The Reliquias PEA is intended to be read as a whole, and sections should not be read or relied upon out of context. The Reliquias PEA was prepared in accordance with National Instrument 43-101 and is available electronically on SEDAR+ under Silver Mountain's issuer profile.

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