Mr. Chris Ritchie reports

SILVERCREST ANNOUNCES NORMAL COURSE ISSUER BID

Silvercrest Metals Inc. has filed with and received acceptance from the Toronto Stock Exchange for a notice of intention to make a normal course issuer bid (NCIB) pursuant to TSX requirements permitting the company to purchase up to 7,361,563 common shares of the company, representing approximately 5 per cent of Silvercrest's total issued and outstanding common shares. As of Aug. 9, 2023, Silvercrest had 147,231,264 issued and outstanding common shares.

Chris Ritchie, president of the company, commented: "With the release of the results from the updated technical report and continued strong operational performance showcased in Q2 2023, we are excited to once again focus on growing the value of our company. We want to use the flexibility and choices that our balance sheet and low-cost profile provide to run a better business. This includes buying back our own stock given the quality and reduced risk profile of our own asset. We believe that the market price of our common shares does not always reflect the underlying fundamental value, future growth prospects and the replacement cost for similar projects. We acknowledge the support received by our shareholders in raising equity at higher prices than where the stock is trading today in order to develop the Las Chispas operation. We now want to return this support by buying back shares below those levels while investing in a scarce, high-quality asset."

Silvercrest may purchase common shares under the NCIB over a 12-month period beginning on Aug. 14, 2023, and ending on Aug. 13, 2024. Any purchases made under the NCIB will be effected through the facilities of the TSX and/or alternative Canadian trading systems and will be made at market price at the time of purchase and in accordance with the rules of the TSX and applicable Canadian securities laws. Silvercrest will finance the purchases of common shares from cash on hand. The exact timing and amount of any purchases will depend on market conditions and other factors. Silvercrest is not obligated to acquire any common shares and may suspend or discontinue purchases under the NCIB at any time. Any common shares purchased by Silvercrest under the NCIB will be cancelled upon their purchase.

Under the NCIB, the company may purchase up to 80,376 common shares on the TSX during any trading day, such number being 25 per cent of 321,507 common shares, which is the average daily trading volume on the TSX for the most recently completed six calendar months prior to the TSX's acceptance of the notice of the NCIB. This maximum daily limit will apply to purchases on the TSX, except where such purchases are made in accordance with block purchases exemptions under applicable TSX policies.

To the knowledge of the company, no director, officer or other insider of Silvercrest currently intends to sell any common shares at the inception of the NCIB, but such directors, officers or other insiders of the company may sell their securities during the course of the NCIB, as their personal circumstances may require. If, during the course of the NCIB, Silvercrest becomes aware that directors, officers or other insiders intend to sell their securities, then the company will not intentionally acquire such securities pursuant to the NCIB. The company has not made any purchases of its common shares during the past 12 months.

About Silvercrest Metals Inc.

Silvercrest is a Canadian precious metals 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 metals projects, and ultimately operating multiple silver-gold mines in the Americas. The company's principal focus is its Las Chispas operation 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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