Mr. N. Eric Fier reports

SILVERCREST REPORTS FIRST QUARTER 2023 RESULTS

Silvercrest Metals Inc. has released its financial and Las Chispas mine operational results for the first quarter of 2023. All amounts herein are presented in U.S. dollars, unless otherwise stated. Certain amounts shown in this news release may not total to exact amounts due to rounding differences.

N. Eric Fier, chief executive officer, commented: "Marking another significant milestone for Silvercrest, Q1 2023 was our first full quarter of production since Las Chispas was declared commercial in November, 2022. We generated $19.3-million of net free cash flow, allowing for accelerated debt prepayment of $25.0-million and a robust quarter-end cash position of $45.8-million. As a testament to our strong financial position, execution and risk management, subsequent to Q1 2023, we made an additional debt prepayment of $20-million and have now repaid 95 per cent of our debt within six months of declaring commercial production. We remain focused on completion of the updated technical report in late [second quarter] 2023, which will include updated costs, a new life-of-mine (LOM) plan and allow for the inclusion of data from our initial production period. This report will provide us with the details to support production and cost guidance."

Q1 2023 financial highlights:

• Sold a total of 14,200 ounces of gold and 1.36 million oz of silver at average realized prices of $1,879 per oz gold and $23 per oz silver;
• Revenue of $58.0-million and cost of sales of $22.4-million, resulting in mine operating income of $35.6-million;
• Income of $27.2-million or 18 cents per share;
• Cash flow from operating activities before changes in non-cash working capital items of $35.5-million or 24 cents per share;
• Cash costs of $6.57 per oz silver equivalent sold and all-in sustaining cost (AISC) of $11.45 per oz AgEq sold;
• Net free cash flow of $19.3-million for 13 cents per share;
• Repaid $25.0-million of debt in the quarter for total debt repayments of $65.0-million to the end of Q1 2023;
• Ended the quarter with cash of $45.8-million and net cash of $21.0-million.

Q1 2023 operating highlights:

• Underground production mining rates averaged 707 tonnes per day during Q1 2023, slightly ahead of first half 2023 expectations of 650 to 700 tpd; however, development rates are tracking below expectations;
• Average daily processing plant throughput of 1,160 tpd with an estimated 40 per cent of production feed sourced from stockpiles during the quarter;
• Processed grades increased from fourth quarter 2022, averaging 4.06 grams per tonne gold (3.67 g/t in Q4 2022) and 419 g/t silver (382 g/t in Q4 2022);
• Metallurgical recoveries remained robust with an average gold recovery of 97.5 per cent (96.9 per cent in Q4 2022) and average silver recovery of 91.9 per cent (93.3 per cent in Q4 2022);
• Recovered 13,300 ounces of gold and 1.29 million ounces of silver, or 2.45 million silver equivalent ounces;
• Contract discussions are under way with mining contractors, including its current contractor, with a goal of finalizing negotiations in second half 2023.

Subsequent event

Subsequent to the end of Q1 2023, the company made prepayments totalling $20.0-million toward the term facility, reducing debt outstanding to $5.0-million.

Consolidated financial statements

This press release should be read in conjunction with Silvercrest's unaudited interim consolidated financial statements and management's discussion and analysis for the three months ended March 31, 2023, which are available on the company's website and under the company's profiles on SEDAR and EDGAR.

First quarter 2023 conference call

A conference call to discuss the company's Q1 2023 financial results will be held tomorrow, Friday, May 12, at 8 a.m. PT/11 p.m. ET. To participate in the conference call, please dial the numbers below.

Date and time:  Friday, May 12, 2023, at 11 a.m. ET/8 a.m. PT

Telephone:  Toronto: 1-416-764-8624 or North America toll-free: 1-888-259-6580

Conference ID:  36026049

Webcast:  at the Silvercrest website

Qualified person statement

The qualified person under National Instrument 43-101 (Standards of Disclosure for Mineral Projects) for this news release is N. Eric Fier, CPG, PEng, chief executive officer for Silvercrest, who has reviewed and approved its contents.

About Silvercrest Metals Inc.

Silvercrest is a Canadian precious metal producer headquartered in Vancouver, B.C., with a continuing initiative to increase its asset base by expanding current resources and reserves, acquiring, discovering and developing high-value precious metal projects and ultimately operating multiple silver-gold mines in the Americas. The company's principal focus is operating its Las Chispas mine in Sonora, Mexico. 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.

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