SilverCrest Metals (TSX: SIL)(NYSE: SILV) Las Chispas Construction Progress Video

Las Chispas Construction Progress Video

We are very proud of the accomplishments of our Las Chispas team, including the outstanding construction progress delivered to date. We are excited to further share these achievements with the investment community through the attached video which was completed by our site team and showcases the excellent progress made at the project.

Key Info

• Construction Ahead of Schedule and On Budget – Our January 25, 2022 News Release highlighted our strong construction execution with completion ahead of plan and commissioning now planned for earlier in Q2, 2022 than forecasted and the capital budget remaining on track despite global inflationary pressures.
• Well-Funded for Commissioning – US$43M⁽¹⁾ of capital costs were remaining at the end of 2021 with a cash balance of US$159M⁽²⁾ and US$30M⁽²⁾ of debt available for drawdown at the end of February, 2022. We remain well positioned to fund construction completion, commissioning, exploration, and corporate costs (including G&A, debt servicing and IVA).
• Exiting Lassonde Curve Lows, Positioned for Free Cash Flow in 2023⁽³⁾ – As construction comes to completion in Q2, 2022, the focus will shift to production and free cash flow generation which is estimated to be more than US$150M at the project level in 2023 at our 2021 Feasibility Study Base Case prices of US$1,500/oz Au and US$19/oz Ag.
• Exploration Returns to Target Generation – With the primary focus of drilling over the last two years on infilling to support the transition to production, exploration efforts in H1, 2022 at Las Chispas will be focused on mapping and sampling the over 10 km of untested strike length that remains at the project. This work will allow for prioritization of targets for drilling in H2, 2022.
• Supportive Commodity Environment⁽⁴⁾ – Although we are experiencing market volatility, the backdrop for commodities remains strong with recent significant moves in major commodities over the last three months including oil (49%), nickel (140%), wheat (41%), silver (18%) and gold (11%). Gold and Silver have outperformed the broader market by >20% in 2022 and are now trading >30% above our Feasibility Study Base Case prices.

⁽¹⁾As of December 31, 2021 ⁽²⁾As of February 28, 2022 ⁽³⁾ Refer to the Forward-Looking Statements within the January 25, 2022 News Release ⁽⁴⁾Based on data from S&P Global Market Intelligence
Terms of Reference
Feasibility Study (or “FS”) – The technical report titled “Technical Report & Feasibility Study on the Las Chispas Project, Sonora, Mexico”, with an effective date January 4, 2021 and prepared by Ausenco Engineering Canada Inc., is available under the Company’s profile on SEDAR on www.sedar.com.
Silver Equivalent (“AgEq”) is based on an Au:Ag ratio of 86.9:1 calculated using $1,410/oz Au and $16.60/oz Ag, with average metallurgical recoveries of 96% Au and 94% Ag. This ratio is applied throughout this presentation to Mineral Resources and Reserves, production and AISC per oz.
Base Case metal prices used in this analysis are $1,500 per Au oz and $19.00 per Ag oz.
Net Free Cash Flow is a non-IFRS performance measure. SilverCrest calculates net free cash flow by deducting cash capital spending from net cash provided by operating activities. The most directly comparable measure prepared in accordance with IFRS is net cash provided by operating activities less net cash used in investing activities. The amount estimated is at the project level and was based on the Feasibility Study.

SilverCrest Metals Inc.
570 Granville Street, Suite 501
Vancouver, B.C.
V6C 3P1
info@silvercrestmetals.com