Silver Mountain Resources : Otros Hechos De Importancia

SILVER MOUNTAIN RESOURCES INC.

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17 January 2023

SILVER MOUNTAIN REPORTS ADDITIONAL UNDERGROUND CHANNEL SAMPLING

RESULTS FROM ITS RELIQUIAS MINE

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

UNITED STATES

Highlights:

1. 1.65m @ 128.1 g/t Ag, 0.21% Cu, 7.70% Pb, 10.88% Zn, and 0.15 g/t Au o 2.17m @ 173.0 g/t Ag, 0.11% Cu, 1.73% Pb, 4.37% Zn, and 0.67 g/t Au o 1.18m @ 133.4 g/t Ag, 0.16% Cu, 8.98% Pb, 9.62% Zn, and 0.12 g/t Au o 1.40m @ 160.0 g/t Ag, 0.40% Cu, 4.84% Pb, 5.96% Zn, and 0.16% Au

Toronto, Ontario, January 17, 2022 - Silver Mountain Resources Inc. TSXV:AGMR | OTCQB:AGMRF | BVL:AGMR ("Silver Mountain", "AGMR" or the "Company") is pleased to announce new results from underground channel sampling at the Reliquias silver mine in Huancavelica, central Peru. To complement the drill campaign and to facilitate the conversion of additional historic resources into a National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") compliant mineral resource, an extensive underground mapping and sampling program is being carried out at Reliquias. Several existing drifts, sublevels, and raises were mapped and systematically sampled in channels cut across the exposed veins.

Assays have been received for 299 rock channel samples taken along 175 m of the Sublevel 735- 2, part of the 390 m level of the Matacaballo structure (Fig.1 to 3). A zone of well-developed

Firmado Digitalmente por:

ALFREDO AUGUSTO BAZO

RODRIGUEZ

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

Fecha: 17/01/2023 05:29:35 p.m.

82 Richmond Street East Toronto, ON M5C 1P1

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mineralization in the Matacaballo Vein is exposed over 87 m along the western part of sublevel 735-2. Further east, the vein displays an irregular thickness, with lower metal contents. The length of the mineralized shoot on this sublevel and the reported metal grades show a close correlation to the results of the sublevel 735-1 located approximately 20 m below (see previously published release, December 7, 2022). The unmined stopes of both drifts are located above the main 390 m haulage level and have already been developed for mining (Fig.1).

Figure1: Oblique three-dimensional view of the 390 m - level, Matacaballo Vein, and the two sublevels 735- 1 and 735-2 developed above. The location of channel samples collected across the back of the drifts are indicated in green. Surveying of underground workings was carried out utilizing a drone-based LIDAR system (3D laser scanning). Inset map shows location of detailed view within the Reliquias mine.

Samples were taken using an electric percussion hammer to produce a channel perpendicular across the veins and mineralized structures. By cutting a continuous channel approximately 3-5 cm deep by 10 cm wide, the channel samples are essentially equal to a drill core in their significance for future resource estimation. Where the structure is exposed along the back of the drift, channels were cut across the vein systematically every 4 m. Channel lengths range between 0.30 m and 3.58 m, not including samples collected from the adjacent wall rocks.

The underground sampling results from this part of the Matacaballo Vein confirm the continuity of well-developed polymetallic mineralization within the structure, with significant concentrations of silver (Ag), lead (Pb), zinc (Zn), gold (Au) and copper (Cu). To highlight the continuity of this vein system, the grades and widths of individual channels (Tab.1) were averaged over the 87 m-longwell-mineralized shoot exposed in the western half of the sublevel. Weighted metal grades

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reached 71.1 g/t Ag, 2.34% Pb, 4.81% Zn, 0.14% Cu and 0.35 g/t Au with an average channel width of 1.59 m. Individual Ag assays returned a maximum value of 621 g/t Ag. A total of 17 individual rock channel samples assayed over 0.5 g/t Au, with a maximum value of 7.64 g/t Au.

Figure 2: Plan view of sublevel 735-2 at the Reliquias silver mine, showing the location of systematic channel sampling along the Matacaballo vein. Individual channel samples are shown, colour-coded according to silver values. The mapped vein structure is shown in light red. In the inset map, underground workings, main mineralized veins, and drill hole traces from the ongoing drill program are displayed.

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Figure 3: Plan view of sublevel 735-2 at the Reliquias silver mine, showing the location of systematic channel sampling along the Matacaballo vein. Individual channel samples are shown, colour-coded according to gold values. The mapped vein structure is shown in light red. In the inset map, underground workings, main mineralized veins, and drill hole traces from the ongoing drill program are displayed.

The Matacaballo structure exhibits hydrothermal brecciation, irregular banding, and crustiform textures typical of intermediate sulphidation veins. Sulphide minerals are present as semi- massive pods, fine veinlets, or in disseminated form, within a matrix composed of several generations of quartz, with minor rhodochrosite (Fig.4). Galena, sphalerite, silver sulpho-salts, lesser disseminated chalcopyrite, and minor pyrite were encountered. In the hanging as well as the foot wall, the central Matacaballo vein is accompanied by 20 to 50 cm wide splays, which show brecciation and contain sulphides as matrix or in cockade textures around argillized or silicified wall rock clasts with disseminated pyrite.

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SILVER MOUNTAIN RESOURCES INC.

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Figure 4: Example of channel sampling along the back of Sublevel 735-2, Matacaballo Vein. Image shows vein sample 10919 (part of channel CHN-43), which returned 154 g/t Ag, 11.40% Pb, 16.00% Zn, 0.37% Cu and 0.19 g/t Au over 27 cm width. Strongly brecciated vein, with abundant galena, sphalerite, and grey quartz as breccia matrix, quartz vein fragments, late quartz and rhodochrosite veining.

The following table provides more detail regarding the channel sample results from sublevel 735- 2 of the Matacaballo Vein structure.

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