Mr. Eric Fier reports

SILVERCREST PROVIDES FOURTH QUARTER AND ANNUAL OPERATIONAL RESULTS, MANAGEMENT UPDATE AND CONFERENCE CALL DETAILS

Silvercrest Metals Inc. has provided operational results for the fourth quarter of 2023 (Q4 2023) and full year of 2023 (FY 2023) from the company's Las Chispas operation located in Sonora, Mexico. Full disclosure of FY 2023 financial results will be included in the company's audited consolidated financial statements for the year ended Dec. 31, 2023, which will be released on March 6, 2024. All amounts are expressed in United States dollars, unless otherwise noted. Certain amounts shown in this news release may not total to exact amounts due to rounding differences.

Q4 2023 operating results and sales

• Recovered 14,100 ounces (oz) of gold and 1.34 million ounces of silver, or 2.47 million silver equivalent (AgEq) ounces;
• Sold 16,100 ounces of gold and 1.27 million ounces of silver, or 2.56 million AgEq ounces;
• Average realized price of $1,977/oz gold and $23.09/oz silver generating $61.3-million of revenue.

2023 operating results and sales

• Recovered 59,700 ounces of gold and 5.65 million ounces of silver, or 10.40 million AgEq ounces;
• Sold 58,200 ounces of gold and 5.62 million ounces of silver, or 10.25 million AgEq ounces, ahead of 2023 sales guidance of 9.8 million to 10.2 million ounces AgEq;
• Average realized price of $1,945/oz gold and $23.48/oz silver generating $245.1-million of revenue.

N. Eric Fier, chief executive officer, commented: "In our first full year of commercial production at Las Chispas, we exceeded the top end of our 2023 silver equivalent sales guidance. We thank our teams in Mexico and Canada for their outstanding efforts towards this achievement. In Q4, 2023 our underground mine continued the scheduled ramp-up and slightly exceeded the planned rate for the quarter. While we experienced some unplanned downtime at the processing plant in Q4 2023, our operational flexibility allowed us to still deliver above our guidance. Early in the new year we finalized the negotiations for our underground mining contract and look forward to implementing this work in Q1 2024.

"We remain well funded to execute our Las Chispas growth initiatives with several exploration drill rigs targeting infill conversion and mine exploration. At the end of the quarter our treasury holdings totalled $105-million ($86-million cash and $19-million bullion), a 29-per-cent increase from the end of Q3 2023. While our H1 2024 cash flow will be impacted by taxes related to the 2023 fiscal tax year, annual payment of extraordinary and special mining duties, and payments related to underground mine contract negotiations, our financial strength and flexibility will continue to be a differentiating factor. We look forward to providing our 2024 sales and cost guidance, and more details regarding the new underground mine contract later in Q1 2024."

(1) Silver-equivalent (AgEq) ratio used in this news release of 79.51:1 based on the updated technical report for Las Chispas titled "Las Chispas Operation Technical Report" dated Sept. 5, 2023, with an effective date of July 19, 2023.

Underground mine contract negotiations

During 2023, Silvercrest pro-actively began a selection process to review its underground mining contract. The company began discussions with several potential underground mine contractors to compete for this contract with the focus on safety, predictability and cost. Early in Q1 2024 the selection process and negotiations were finalized and beginning in February, 2024, a subsidiary of Dumas Contracting Ltd. will begin mobilizing to Las Chispas under a five-year service contract covering all underground development and production activities.

Dumas, part of STRACON Group, is a leading Canadian-based mining services provider that specializes in underground mine construction, lateral and vertical mine development, shaft sinking, production mining, and engineering. With significant international experience, including in Mexico, Dumas is well regarded with a demonstrated record on safety, risk management and operational excellence.

Silvercrest thanks the current mining contractor for their efforts and accomplishments to date. The current contractor will remain active until Dumas is fully mobilized in Q2 2024. Both contractors are committed to a smooth transition and hand-off of underground operations. The company will make payments in the first nine months of 2024 related to the change of contractors. Details regarding these payments will be provided with 2024 guidance. In addition, Silvercrest will make a $7.5-million advance payment in Q1 2024 to Dumas which will be credited toward future contract mining services.

Management update

With Las Chispas built, the plant successfully ramped up and the mine progressing as per plan, Pierre Beaudoin, chief operating officer, will be retiring effective Jan. 31, 2024. Mr. Beaudoin will rejoin the board of directors effective Feb. 1, 2024, where he previously held a director role from June, 2018, to November, 2018, when he subsequently took the executive role to support the advancement of Las Chispas to production.

John Wright, board chair, commented: "We thank Mr. Beaudoin for his outstanding contributions. Mr. Beaudoin was brought on to steward Las Chispas through construction and ramp-up and he did that with flying colours. With his primary role completed with success, we are pleased to welcome Pierre back to the board of directors and look forward to continuing to benefit from his expertise."

Cliff Lafleur, who joined Silvercrest in July, 2021, as the company's vice-president, technical services, has been appointed vice-president, operations. Mr. Lafleur has more than 20 years experience with a particular focus on underground mining, including more than 10 years ramping up and improving underground mines in Mexico, including Torex's ELG underground mine and Primero's (now First Majestic's) San Dimas mine. He has been instrumental in completing the company's updated technical report, safely ramping up underground operations and completing underground contract negotiations.

Mr. Beaudoin commented: "I would like to thank the board of directors for the opportunity to lead the design, construction and ramp-up efforts at Las Chispas. I have been impressed with the accomplishments of our team and their ability to successfully navigate some of the unique challenges that we were presented with during construction, commissioning and ramp-up. I look back at 2023 with pride as we have completed our first full year of production and exceeded the top end of our sales guidance. I am confident that this success will continue given the strong foundation of a high-quality operating team and asset."

Fourth quarter 2023 conference call

A conference call to discuss the company's Q4 2023 operational and financial results will be held Thursday, March 7, 2024, at 8 a.m. PT/11 a.m. ET. To participate in the conference call, please dial the numbers as stated herein.

Date and time:  Thursday March 7, 2024, at 8 a.m. PT/11 a.m. ET

Telephone (Toronto):  1-416-764-8624

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

Conference ID:  58528537

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.

We seek Safe Harbor.