SilverCrest Reports Third Quarter 2023 Results

VANCOUVER, BC, Nov. 8, 2023

TSX: SIL | NYSE American: SILV

VANCOUVER, BC, Nov. 8, 2023 /PRNewswire/ - SilverCrest Metals Inc. ("SilverCrest" or the "Company") is pleased to announce its financial results for the third quarter of 2023 ("Q3, 2023"). This release also provides additional operational results, expanding on the October 10, 2023 release of Q3, 2023 operational results from the Company's Las Chispas operation ("Las Chispas" or the "Operation") located in Sonora, Mexico. All amounts herein are presented in United States Dollars ("US$"), unless otherwise stated. Certain amounts shown in this news release may not total to exact amounts due to rounding differences.

N. Eric Fier, CEO, 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% contributed to significant free cash flow in the quarter, allowing for capital allocation flexibility which we used to opportunistically explore, buyback shares, and increase our bullion holdings. Reflecting the strength of our operations, our total treasury assets increased by 38% 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 ("oz") of gold and 1.49 million ounces of silver, or 2.74 million silver equivalent ("AgEq") ounces¹.
• Sold a total of 14,500 oz of gold and 1.53 million oz of silver at average realized prices² 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% operating margin.
• Income of $29.9 million or $0.20 per share.
• Cash flow from operating activities before changes in non-cash working capital items of $40.9 million or $0.28 per share.
• Net free cash flow of $33.4 million or $0.23 per share
• Cash costs² of $6.53 per oz AgEq sold and all-in sustaining cost ("AISC")² of $12.23 per oz AgEq sold are below the low end of H2, 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 ("NCIB") in only 7.5 weeks, representing 20% of the allowable 7.4 million common share limit.
• Ended the quarter debt free with treasury assets² totaling $81.7 million (cash of $70.0 million and gold and silver bullion of $11.7 million).

_________________________ ARIVA.DE Börsen-Geflüster Kurse Global X Silver Miners ETF 35,77 $ -0,50% SilverCrest Metals Inc 9,14 $ -3,79%

1  Silver Equivalent is based on an Ag:Au ratio of 79.51:1 calculated using $1,650/oz Au and $21/oz Ag, with average metallurgical recoveries of 97.9% Au and 96.7% Ag and 99.9% payable for both Au and Ag.  2  Average realized prices, net free cash flow, net cash, treasury assets, cash costs and cash costs per AgEq ounce sold, AISC, and AISC per ounce sold are non-IFRS financial measures. Non-IFRS financial measures are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other companies. Please refer to the "NON-IFRS FINANCIAL MEASURES" section of this news release for additional information.

Q3, 2023 Highlights Summary

Operational Highlights
	Unit		Q3, 2023	Q2, 2023	YTD, 2023
Ore mined	tonnes		83,800	74,400	222,300
Ore milled(A)	tonnes		114,500	107,900	326,900
Average daily mill throughput	tpd		1,245	1,186	1,197
Gold (Au)
Average processed grade	gpt		4.35	4.84	4.42
Process Recovery	%		98.3	98.4	98.1
Recovered	oz		15,700	16,500	45,600
Sold	oz		14,500	13,400	42,100
Average realized price(B)	$/oz		1,931	1,991	1,933
Silver (Ag)
Average processed grade	gpt		413	449	427
Process Recovery	%		98.1	97.9	96.1
Recovered	million oz		1.49	1.53	4.31
Sold	million oz		1.53	1.45	4.34
Average realized price(B)	$/oz		23.41	24.36	23.60
Silver equivalent (AgEq)
Recovered	million oz		2.74	2.84	7.93
Sold	million oz		2.68	2.52	7.69
Financial Highlights
	Unit		Q3, 2023	Q2, 2023	YTD, 2023
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