Mr. Eric Fier reports

SILVERCREST PROVIDES FIRST QUARTER OPERATIONAL RESULTS AND CONFERENCE CALL DETAILS

Silvercrest Metals Inc. has provided interim operational results for the first quarter of 2024 (Q1 2024) from the company's Las Chispas operation located in Sonora, Mexico. All amounts are expressed in U.S. dollars, unless otherwise noted. Certain amounts shown in this news release may not total to exact amounts due to rounding differences.

Q1 2024 operating results and sales:

• Recovered 14,719 ounces of gold and 1.41 million ounces of silver, or 2.58 million silver equivalent (AgEq) (1) ounces;
• Sold 15,000 ounces of gold and 1.4 million ounces of silver, or 2.59 million AgEq ounces;
• Average realized price of $2,062 per ounce gold and $23.37 per ounce silver, generating $63.6-million of revenue.

N. Eric Fier, chief executive officer, commented: "Our first quarter has set the stage for another year of strong operational performance at Las Chispas, with silver sales exceeding plan and positioning us well to achieve 2024 sales guidance. Mobilization of our new mining contractor began in February, 2024, and ramp-up of the underground continues to progress well. In the quarter, we achieved record silver equivalent process grades of 874 grams per tonne and recoveries of 98.3 per cent, while completing planned maintenance ahead of schedule and returning plant availability to 92 per cent in March.

"Strong performance of bullion prices in the quarter contributed to a 4-per-cent increase in our bullion holdings, to end the quarter at $20.0-million. As expected a significant cash payment for 2023 taxes and duties was completed, bringing total treasury assets (2) to $91.1-million at the end of the quarter. We look forward to providing more details of our operational and financial performance in mid-May."

(1) Silver equivalent (AgEq) ratio used in this news release of 79.51:1 based on the Las Chispas operation technical report dated Sept. 5, 2023, with an effective date of July 19, 2023.

(2) Treasury assets comprising bullion holdings and cash.

Q1 2024 conference call

The company's unaudited condensed interim consolidated financial statements for the three months ended March 31, 2024, will be released after market on May 14, 2024.

A conference call to discuss the company's Q1 2024 operational and financial results will be held Wednesday, May 15, 2024, at 8 a.m. PT/11 a.m. ET. To participate in the conference call, please dial the numbers below:

Date and time:  Wednesday, May 15, 2024, at 8 a.m. PT/11 a.m. ET

Telephone (North America toll-free):  1-800-274-8461

Conference ID:  silver (745837)

Webcast:  see company's website under investors and presentations

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 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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