Mr. N. Eric Fier reports

SILVERCREST REPORTS THIRD QUARTER 2023 RESULTS

Silvercrest Metals Inc. has released its financial results for the third quarter of 2023. This release also provides additional operational results, expanding on the Oct. 10, 2023, release of Q3 2023 operational results from the company's Las Chispas operation located in Sonora, Mexico. 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: "Las Chispas delivered another quarter of strong operational results and remains on pace to meet 2023 sales and cost guidance. Operating margins of nearly 60 per cent contributed to significant free cash flow in the quarter, allowing for capital allocation flexibility, which we used to opportunistically explore, buy back shares and increase our bullion holdings. Reflecting the strength of our operations, our total treasury assets increased by 38 per cent in the quarter to $81.7-million including $11.7-million of bullion. In the current market where the cost of and access to capital is challenging, our ability to remain flexible and opportunistic is a unique advantage."

Q3 2023 highlights:

• Recovered 15,700 ounces of gold and 1.49 million ounces of silver, or 2.74 million silver equivalent ounces;
• Sold a total of 14,500 oz of gold and 1.53 million oz of silver at average realized prices of $1,931 per oz gold and $23.41 per oz silver for a total of 2.68 million oz AgEq sold;
• Revenue of $63.8-million and cost of sales of $26.4-million, resulting in mine operating income of $37.5-million, which represents a 59-per-cent operating margin;
• Income of $29.9-million or 20 cents per sharel
• Cash flow from operating activities before changes in non-cash working capital items of $40.9-million or 28 cents per share;
• Net free cash flow of $33.4-million or 23 cents per share;
• Cash costs of $6.53 per oz AgEq sold and all-in sustaining cost of $12.23 per oz AgEq sold are below the low end of second half 2023 guidance primarily due to higher sales volumes, higher proportion of long-hole stopes and lower capital spend than planned;
• $7.1-million spent under active normal course issuer bid in only 7.5 weeks, representing 20 per cent of the allowable 7.4-million-common-share limit;
• Ended the quarter debt free with treasury assets totalling $81.7-million (cash of $70.0-million and gold and silver bullion of $11.7-million).

Guidance

Silvercrest's 2023 production and cost guidance remains unchanged. The company remains on track to achieve 9.8 million to 10.2 million ounces sold for 2023 at average all-in sustaining costs within the expected range of $12.75 to $13.75 per oz AgEq sold.

Appointment of vice-president of financial reporting and controller

The company is pleased to announce the appointment of Sean Deissner as vice-president of financial reporting and controller, effective Nov. 9, 2023. Before joining Silvercrest, Mr. Deissner spent more than seven years at Pan American Silver Corp. in various finance roles until ultimately serving as senior director of financial reporting. During his tenure at Pan American, he led the financial reporting team and oversaw its financial reporting strategy. Mr. Deissner brings with him 15 years of experience in the mining industry, which he gained from his roles at Pan American, Veris Gold Corp., Silvermex Resources Inc. and BDO Canada. Mr. Deissner is a designated chartered professional accountant and is a graduate of Royal Roads University with a bachelor of commerce degree in entrepreneurial management.

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 below.

Date and time:  Thursday, Nov. 9, 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:  61658743

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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