Mr. Eric Fier reports

SILVERCREST PROVIDES THIRD QUARTER 2023 OPERATIONAL RESULTS

Silvercrest Metals Inc. has provided operational results for the third quarter of 2023 (Q3 2023) from the company's Las Chispas operation located in Sonora, Mexico. Full disclosure of the company's Q3 2023 financial results will be included in the company's consolidated interim financial statements for the period ended Sept. 30, 2023, which will be released on Nov. 8, 2023. All amounts herein are presented in United States dollars, unless otherwise stated.

Q3 2023 operating results and sales

• Recovered 15,700 ounces (oz) of gold and 1.49 million ounces of silver, or 2.74 million silver equivalent (AgEq) ounces.
• Sold 14,500 ounces of gold at an average realized price of $1,931/oz and 1.53 million ounces of silver at an average realized price of $23.41/oz, or approximately 2.68 million AgEq ounces sold generating $63.8-million of revenue.

N. Eric Fier, chief executive officer, commented: "Las Chispas continued to perform well in Q3 2023 with 2.68 million oz AgEq sold for a total of 7.69 million oz AgEq sold in the first nine months of the year. This positions us to deliver on our 2023 guidance of 9.8 [million] to 10.2 million oz AgEq sold. In August, 2023, we filed and launched a normal course issuer bid and during the remainder of the quarter spent $7.1-million to buy back 1.5 million shares. This demonstrates our financial strength and commitment to return shareholder capital and to continue to invest in our unique and high-quality project. We remain well funded to execute on our Las Chispas growth initiatives with eight drill rigs operating and $81.7-million in treasury holdings ($70.0-million cash and $11.7-million bullion) at the end of the quarter, an increase from $59-million at the end of Q2 2023".

Third quarter 2023 conference call

A conference call to discuss the company's Q3 2023 operational and financial results will be held Thursday, Nov. 9, 2023, at 8 a.m. PT/11 a.m. ET. To participate in the conference call, please dial the numbers herein.

Date and time:  Thursday, Nov. 9, 2023, at 11 a.m. ET/8 a.m. PT

Telephone: Toronto:  1-416-764-8624

North America toll-free:  1-888-259-6580

Conference ID:   61658743

Webcast:  Silvercrest website

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, 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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