SILVER MOUNTAIN RESOURCES INC.

TSX.V | AGMR

OTCQB | AGMRF

BVL | AGMR

TSX.V | AGMR

OTCQB | AGMRF

BVL | AGMR

NEW HIGH-GRADESILVER-POLYMETALLIC INTERCEPTS FROM DRILLING AT AGMR'S

RELIQUIAS MINE

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN OR INTO THE

UNITED STATES

Highlights

  • Underground drilling returned high-gradesilver-polymetallic intercepts in the Matacaballo and Ayayay veins, including:
  • 3.60m @ 135.3 g/t Ag, 5.5% Pb, 7.3% Zn, 0.55% Cu, and 0.23 g/t Au in Matacaballo vein, in drill hole SMR-56-22-MTC, including
    1. 0.90m @ 208.0 g/t Ag, 10.8% Pb, 13.4% Zn, 0.93% Cu, and 0.19 g/t Au, and
    1. 0.30m @ 402.0 g/t Ag, 2.5% Pb, 1.2% Zn, 0.1% Cu, and 1.34 g/t Au
  • 2.30m @ 81.0 g/t Ag, 4.9% Pb, 9.0% Zn, 0.82% Cu, and 0.08 g/t Au, in Matacaballo vein, in hole SMR-33-22-MTC, including
    1. 0.75m @ 191.0 g/t Ag, 11.8% Pb, 15.8% Zn, 1.75% Cu, and 0.06 g/t Au
  • 1.25m @ 153.6 g/t Ag, 1.8% Pb, 3.3% Zn, 0.09% Cu, and 1.31 g/t Au, in Matacaballo vein, hole SMR-59-22-MTC, including
    1. 0.75m @ 234.0 g/t Ag, 2.7% Pb, 5.1% Zn, 0.14% Cu, and 1.48 g/t Au
  • 1.25m @ 98.9 g/t Ag, 1.9% Pb, 2.7% Zn, 1.40% Cu, and 0.06 g/t Au, in Ayayay vein, in hole SMR-32-22-MTC

Firmado Digitalmente por:

ALFREDO AUGUSTO BAZO

RODRIGUEZ

SILVER MOUNTAIN RESOURCES INC. TSX.V | AGMRwww.agmr.ca

Fecha: 17/11/2022 08:45:13 a.m.

82 Richmond Street East Toronto, ON M5C 1P1

SILVER MOUNTAIN RESOURCES INC.

TSX.V | AGMR

OTCQB | AGMRF

BVL | AGMR

Toronto, Ontario, November 17, 2022 - Silver Mountain Resources Inc. TSXV:AGMR | OTCQB:AGMRF | BVL:AGMR ("Silver Mountain", "AGMR" or the "Company") is pleased to provide an update on its underground drilling at the Company's Reliquias silver mine in Huancavelica, central Peru. The drill program to date has surpassed a total of 16375 metres, drilled in 69 bore holes. The assay results of 8 holes drilled to test the Matacaballo and adjacent veins are reported in this release (Table 1). The main objective of the fully funded drill program is to establish a National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43- 101") compliant mineral resource in H1 2023 that will form the basis of our production decision in H2 2023. In addition, the Company aims to better characterize and extend the known silver-rich zones at depth. 1

Alfredo Bazo, President and CEO, commented: "Four of the drill holes reported today are located in the western part of the Reliquias mine, returning interesting intercepts in the Matacaballo and Ayayay structures as well as showing various vein splits with promising results. The remainder of the holes were drilled from platform C10 (Fig.1), aimed at the eastern extension of the Matacaballo ore shoot tested by previous bore holes during the current campaign. We are strongly encouraged by the silver and base metal results encountered over significant vein widths in this area. Additional holes to investigate this zone are in progress, with pending assay results."

1 For additional information in respect of the Castrovirreyna Project, please refer to the Company's technical report, titled National Instrument 43-101Technical Report-CastrovirreynaProject, Peru, dated October 6, 2021, amended November 18, 2021, effective date August 17, 2021, available on the Company's profile on www.sedar.com.

SILVER MOUNTAIN RESOURCES INC. TSX.V | AGMR

www.agmr.ca

82 Richmond Street East Toronto, ON M5C 1P1

SILVER MOUNTAIN RESOURCES INC.

TSX.V | AGMR

OTCQB | AGMRF

BVL | AGMR

Figure1: Plan view of underground drilling program at the Reliquias silver mine, showing traces of drill holes completed to date (in blue) as well as the subsequently programmed bore holes. The eight holes reported in this release are labelled and highlighted in bold green lines. Additionally, underground workings, main mineralized veins, and drill platforms are displayed. Inset map shows Reliquias property block with locations of both silver mines and the processing plant.

SILVER MOUNTAIN RESOURCES INC. TSX.V | AGMR

www.agmr.ca

82 Richmond Street East Toronto, ON M5C 1P1

SILVER MOUNTAIN RESOURCES INC.

TSX.V | AGMR

OTCQB | AGMRF

BVL | AGMR

The following table shows the detailed results of mineralized intercepts encountered in the drill holes reported in this news release.

Hole ID

From (m)

To (m)

Interval (m)

Ag g/t

Cu %

Pb %

Zn %

Au g/t

SMR-032-22-MTC

118.50

119.90

1.40

68.53

0.36

2.38

3.23

0.07

154.25

154.65

0.40

141.00

0.33

2.40

3.80

0.03

166.35

167.60

1.25

98.90

1.40

1.92

2.71

0.06

including

167.15

167.60

0.45

170.00

2.22

3.80

4.50

0.11

SMR-033-22-MTC

113.80

114.45

0.65

35.10

0.23

1.60

2.20

0.09

152.60

152.90

0.30

374.00

0.69

3.70

1.90

0.04

162.95

163.40

0.45

107.00

0.28

2.80

6.60

0.11

178.30

178.70

0.40

41.30

0.37

3.50

5.40

0.05

180.20

181.30

1.10

76.27

1.38

0.70

3.87

0.03

184.30

186.60

2.30

81.03

0.82

4.89

9.04

0.08

including

185.85

186.60

0.75

191.00

1.75

11.80

15.80

0.06

191.95

192.65

0.70

42.10

0.21

4.80

1.20

0.04

SMR-035-22-MTC

51.60

52.00

0.40

135.00

0.15

1.50

1.30

0.31

SMR-040-22-MTC

209.95

210.75

0.80

40.04

0.28

0.79

2.17

0.09

214.85

215.60

0.75

108.00

1.24

1.00

2.00

0.04

SMR-051-22-MTC

231.30

231.60

0.30

39.20

0.35

0.49

0.23

0.01

268.15

268.50

0.35

30.20

0.00

0.09

0.11

0.34

SMR-054-22-MTC

241.05

241.85

0.80

24.12

0.13

1.70

0.04

0.33

253.85

255.25

1.40

54.83

0.21

1.92

2.36

0.14

SMR-056-22-MTC

266.95

268.10

1.15

85.62

0.88

1.56

3.72

0.05

including

266.95

267.25

0.30

267.00

3.28

3.20

13.10

0.13

294.50

298.10

3.60

135.29

0.55

5.48

7.25

0.23

including

294.50

295.30

0.80

145.00

1.17

8.00

11.10

0.16

and

295.80

296.70

0.90

208.00

0.93

10.80

13.40

0.19

and

297.75

298.10

0.35

402.00

0.10

2.50

1.20

1.34

SMR-059-22-MTC

375.80

377.05

1.25

153.60

0.09

1.80

3.34

1.31

including

376.30

377.05

0.75

234.00

0.14

2.70

5.10

1.48

Table 1: Weighted assay results of eight drill holes testing the Matacaballo and Ayayay veins

SILVER MOUNTAIN RESOURCES INC. TSX.V | AGMR

www.agmr.ca

82 Richmond Street East Toronto, ON M5C 1P1

SILVER MOUNTAIN RESOURCES INC.

TSX.V | AGMR

OTCQB | AGMRF

BVL | AGMR

A

SILVER MOUNTAIN RESOURCES INC. TSX.V | AGMR

www.agmr.ca

82 Richmond Street East Toronto, ON M5C 1P1

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Silver Mountain Resources Inc. published this content on 17 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 November 2022 14:58:01 UTC.