Las Chispas Project Construction Update

VANCOUVER – SilverCrest Metals Inc. reported on construction activities at the Las Chispas Project located in Sonora, Mexico. All currency amounts herein are presented in United States Dollars, unless otherwise stated. Construction tracking remains on schedule. At the end of the first half of 2021 (“H1, 2021”), Las Chispas construction progress was 33% complete compared to scheduled completion of 28%. Construction has progressed well with the confined COVID-19 camp facility and earthworks completed, concrete foundation work 74% complete, plant tank construction and key infrastructure projects (powerline, road, and bridge) commenced, underground infrastructure ongoing, and plant detailed engineering 90% complete. Construction progress has benefited from no delays due to COVID-19 or any other reason. Capital Spend In-line with Budget – In H1, 2021, 60% of the $137.7 million capital cost estimate was committed, of which 35% has been spent across all capital cost scopes, in-line with budget. A significant component of the initial capital cost is the process plant which is a fixed price Engineering, Procurement, and Construction (“EPC”) contract with Ausenco Engineering Canada Inc. This contract represents approximately 39% of the initial capital cost estimate in the Feasibility Study, limiting the risk of cost inflation for the process plant.

The underground development is well advanced with 4.6 kilometers (“km”) of underground development was completed in H1, 2021 for a total of 13.1 km since underground development began in Q1, 2019. Access has been established in four (4) veins or areas and 33 in-vein work fronts. The combination of higher productivity, favorable ground conditions, and cost control have contributed to development costs tracking slightly under budget. Overall, development meters were ahead of budget in H1, 2021. Work is underway to further improve the project with a focus on optimizing the underground mine design and schedule. This work has included a review of the Feasibility Study Life of Mine plan (LOM) to assess areas for improvement. This has included the ongoing development of an exploration drift to the high-grade Babi Vista Splay Vein to better understand this opportunity, which is currently not part of the LOM. As planned, work is also underway to validate metallurgical results from all underground exposed veins, well in advance of plant commissioning in late Q2, 2022.

 At the end of H1, 2021, after 784,000 work-hours completed at site, the Company’s lost time injury (“LTI”) frequency rate was 0.26. COVID-19 risk mitigation efforts continued successfully in H1, 2021, including completion of the confined 513 bed single occupancy construction camp which averaged approximately 70% occupancy in H1, 2021. More than 5,000 COVID-19 tests for employees and contractors were completed in H1, 2021 with positivity rates prior to site access remaining low (less than 2%) and no serious occurrences at site.

SilverCrest remains well funded with cash and cash equivalents of $188.0 million (June 30, 2021 – $200.4 million) and $90.0 million available under a $120 million project financing facility. Once fully ramped up and using Base Case metal prices ($1,500/oz Au and $19.00/oz Ag) which are more than 15% and 23% (respectively) below current prices, Las Chispas could generate after-tax project free cash flow* of approximately $160 million in 2023 and an estimated average of $110 million per year from 2023 to 2029. The Company’s strong capital position and forecasted cash flow lowers risk during construction and ramp up while providing the Company flexibility to pursue optimization and growth opportunities.