Mr. N. Eric Fier reports

SILVERCREST REPORTS SECOND QUARTER 2023 RESULTS AND GUIDANCE FOR H2, 2023

Silvercrest Metals Inc. has released its financial and Las Chispas operational results for the second quarter of 2023 and guidance for the second half 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. Silver equivalent ratio used in this news release of 79.51 to 1 (86.9 to 1 in previous quarters) is based on the results of the updated independent technical report for the Las Chispas operation, which were announced on July 31, 2023.

N. Eric Fier, chief executive officer, commented: "Las Chispas continued to deliver strong operational performance in the quarter with an increase in recovered metal, mine operating income and net free cash flow from [first quarter] 2023. The announcement of our updated technical report, subsequent to quarter-end, was an important milestone for the company and confirms the high-quality nature of the Las Chispas operation with lowest-quartile mine-level [all-in sustaining cost] over an eight-year mine life. The results from Q2 2023 confirm the quality of the operation with $7.6-million cash and $3.6-million bullion added to the balance sheet after repaying the remaining $25.0-million of debt and investing $10.1-million in sustaining capital. With this work now behind us, our debt fully repaid, a healthy balance sheet, and strong margins and free cash flow expected from the operation, we are well positioned to focus on growth at Las Chispas and pursue capital allocation opportunities. We are already executing our recently announced $10.0-million exploration program to focus on high-grade reserve replacement opportunities, and will soon return to drilling new or underdrilled targets in proximity to the mine. We are also pleased to issue formal guidance for [second half] 2023."

Q2 2023 financial highlights:

• Sold a total of 13,400 ounces of gold and 1.45 million ounces of silver at average realized prices of $1,991 per oz gold and $24.36 per oz silver;
• Revenue of $62.0-million and cost of sales of $23.7-million, resulting in mine operating income of $38.3-million, which represents a 62-per-cent operating margin;
• Income of $23.7-million or 16 cents per share, inclusive of an $8.6-million (six cents per share) unrealized foreign currency loss;
• Net free cash flow of $43.7-million or 30 cents per share, supported by the net receipt of value-added taxes and deferral of accounts payable and taxes;
• Increased cash balance by $7.6-million and bullion holdings by $3.6-million during the quarter, after sustaining capital at Las Chispas of $10.1-million and retiring $25.0-million of debt;
• Cash flow from operating activities before changes in non-cash working capital items of $47.5-million or 32 cents per share;
• Cash costs of $7.39 per oz silver equivalent sold and all-in sustaining cost of $12.70 per oz AgEq sold based on accelerated spend toward exploration and for sustaining capital to create operational flexibility;
• Ended the quarter debt-free with treasury assets totalling $59.0-million (cash of $53.4-million and gold and silver bullion of $5.6-million); access to an undrawn $70.0-million revolving credit facility remains.

Q2 2023 operating highlights:

• Recovered 16,500 ounces of gold and 1.53 million ounces of silver, or 2.84 million AgEq ounces; recovered ounces were higher than sold ounces during the quarter, resulting in an increase in work-in-progress and finished goods inventory of approximately 300,000 payable AgEq ounces;
• Underground production mining rates averaged 818 tonnes per day during Q2 2023, an increase of 16 per cent compared with Q1 2023 (707 tpd) and ahead of first half 2023 expectations of 650 to 700 tpd; the Q2 2023 rate aligns with report expectations;
• Daily development rates continued to increase in Q2 2023 averaging 37.8 metres per day (Q1 2023: 31.5 mpd), including 33.4 mpd of lateral development, a level which is expected to increase slightly in second half 2023;
• Daily processing plant throughput averaged 1,186 tpd, a slight increase from Q1 2023 rate of 1,160 tpd; processed grades increased from Q1 2023, averaging 4.84 grams per tonne gold (Q1 2023: 4.06 g/t) and 449 g/t silver (Q1 2023: 419 g/t);
• Metallurgical recoveries improved over Q1 2023 with an average gold recovery of 98.4 per cent (Q1 2023: 97.5 per cent) and average silver recovery of 97.9 per cent (Q1 2023: 91.9 per cent);
• Mining contract discussions paused in Q2 2023 and will resume in earnest now that necessary details outlined in the report are available; it is expected that these negotiations will be finalized in second half 2023.

Guidance highlights

Silvercrest has set its second half 2023 and 2023 guidance.

Cash costs and AISC are expected to increase in second half 2023 as the weighted-average cost of material sourced from the stockpile increases and due to higher sustaining capital costs. Sustaining capital is expected to increase due to more underground development, including ventilation infrastructure and the establishment of mobile maintenance facilities. The company plans to spend approximately $24-million in sustaining capital expenditures in second half 2023, which would bring the expected expenditure for sustaining capital in 2023 to approximately $40-million.

In conjunction with the report, Silvercrest announced a $10-million exploration budget from now until the end of Q1 2024. The focus of this budget will be mainly on the conversion of high-grade inferred resources with an ultimate goal of reserve replacement. The program will also include targeting of earlier-stage opportunities at Las Chispas aimed at following up on high-grade intercepts and new structures. The potential conversion of ounces is located near existing underground infrastructure.

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 six months ended June 30, 2023, which are available on the company's website and under the company's profiles on SEDAR+ and EDGAR.

Second quarter 2023 conference call

A conference call to discuss the company's Q2 2023 financial results will be held tomorrow, Thursday, Aug. 10, 2023, at 8 a.m. PT/11 a.m. ET. To participate in the conference call, please dial the following.

Date and time:  Thursday, Aug. 10, 2023, at 11 a.m. ET/8 a.m. PT

Telephone:  Toronto: 1-416-764-8646 or North America toll-free: 1-888-396-8049

Conference ID:  44514275

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 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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