Silver Mountain Resources Inc. announced that it has received results from underground channel sampling carried out between June and August 2023, part of its ongoing mine rehabilitation program at its 100% owned Reliquias mine, central Peru. Key highlights - Channel sampling at Reliquias - weighted averages: MTC vein (Level 520): 130m with average vein width of 0.73m @ 553 g/t Ag, 1.27% Pb, 1.37 % Zn, 0.23 % Cu and 0.83 g/t Au; PAS vein (Level 710): 84m with average vein width of 0.86m @ 214 g/t Ag, 0.78% Pb, 1.56% Zn, 0.06% Cu and 1.51 g/t Au; BEA vein (Level 470): 23m with average vein width of 0.37m @ 727 g/t Ag, 1.35% Pb, 1.21% Zn, 0.24% Cu and 0.33 g/t Au. The Company´s crews have continued to systematically sample the underground workings as part of the preparation work needed to restart operations at Reliquias in the future.

A total of 3,499 samples were collected from the Sorpresa ("SOR"), Matacaballo ("MTC"), Perseguida ("PER"), Meteysaca ("MTS"), Pozo Rico ("PZR"), Beatita ("BEA"), Pasteur ("PAS") and Vulcano ("VUL") veins. All samples were collected perpendicular to the veins using portable rock saws. Silver Mountain geologists collected 3,499 channel samples from 1,046 channels between June and August 2023, as part of the Company´s plan to systematically sample the veins exposed in the Reliquias mine workings.

Channel sampling of the Reliquias mine workings is part of the Company´s strategy of expanding the current mineral resource estimate by incorporating continuous vein samples from multiple veins in parallel with the mine rehabilitation and underground diamond drilling programs. Earlier channel sampling results from samples collected in 2023 were announced on August 16th and May 9th (please visit Silver Mountain´s website www.agmr.com for more details). The 2023 drill program consists of two phases: an initial 3,500 metre phase using BQ diameter core (now completed); and a second 12,500 meter phase using NQ and HQ diameter core, currently under way and approaching its conclusion.