SilverCrest Metals Inc. provided an update on commissioning activities at the Company's Las Chispas Mine ("Las Chispas" or the "Mine") located in Sonora, Mexico. All currency amounts herein are presented in United States Dollars, unless otherwise stated. During the first three months of commissioning, the Las Chispas processing plant has performed in-line or ahead of the design curve on all metrics.

Throughput, recoveries, and plant availability have all shown month over month improvements. It is still expected that the design plant throughput of 1,250 tpd will be reached in fourth quarter of 2022. Grades to the plant have remained low during the initial months of processing as most ore continues to be intentionally sourced from historic low-grade stockpiles.

Recoveries are tracking ahead of the planned ramp-up projections as shown in with August 2022 recoveries averaging 96.2% Au and 85.6% Ag or 90.7% AgEq as compared to the August 2022 ramp-up projection of 81.5% AgEq. Plant availability has continued to increase since the start of commissioning, with availability in August 2022 of 81%, up from 65% in June 2022. While the processing plant ramp-up has generally been trending favorably when compared to the Feasibility Study ramp-up projections, minor modifications have been required to the circuit to address lower dissolved oxygen than planned.

Temporary modifications were implemented in late August 2022 and have addressed the initial challenges encountered. The permanent modifications, while minor, are more intrusive, and will be implemented during planned down-time before the end of 2022. Ore feed continues to be sourced primarily from the historic lower grade stockpiles as the processing plant and underground production continue to ramp-up.

The stockpile at the end of August 2022 is estimated at 300,000 tonnes and is comprised of the historic low-grade stockpile and pre-production stockpiles which have been generated from mining, since 2019. The stockpiles will continue to represent the bulk of the processing plant feed in 2022, but underground ore will also be used to start focused batch grade reconciliation with the process plant. As underground ore begins to be a source of processing plant feed, the focus will be on determining the reconciliation of the reserve mined grades to the processing plant.

It is expected that when the processing plant feed is sourced more consistently from the underground, the results from these reconciliation efforts, including grades, will be available in greater detail. Plant grades and produced ounces will be announced with quarterly production results in fourth quarter of 2022. The construction of the 55 kilometre ("km") powerline managed by SilverCrest was completed in second quarter of 2022 and as of August 2022 was 100% operational inclusive of all required supporting equipment (Harmonic Filters and Power Factor Correctors).

The Las Chispas operation is connected to the Comision Federal de Electricidad ("CFE") grid but at a capacity limited to 6.4 MW via a temporary CFE bypass. This limited grid power connection is adequate to support all major elements of the operation, however, the stability has been below target which has resulted in some minor production delays and disruptions. The final connection (7.6 MW) to the refurbished CFE Power line (now at 80% completion) is scheduled for Q4, 2022 and is expected to improve the stability of the connection.

The temporary diesel deneration system has now been disconnected and demobilized from Las Chispas. The processing plant and the Mine are equipped with Emergency Diesel Power generation systems. In 2022, an additional 5.1 km of underground development has been completed at the Mine, bringing the total to 22.6 km. In-vein drifting represents 5.5 km of this total.

A total of 109,000 tonnes of ore have been mined from development and stoping activities in 2022 up to the end of August 2022, approximately 9% below the Feasibility Study target. The ramp up of underground stoping continues to progress. As stated in the Feasibility Study, the focus during production ramp-up is the refinement of mining methods and implementation of grade control procedures.

These procedures involve the collection and use of detailed geological, geotechnical and operational data to adjust mine plans and stope designs to minimize dilution and maximize ore recovery. The Company now anticipates ramping-up the underground mine to between 600 and 700 tpd by the end of fourth quarter of 2022, lower than the 750 tpd stated in the Feasibility Study.