SilverCrest Metals Inc. provided an update on construction activities at the Company's Las Chispas Project located in Sonora, Mexico. All currency amounts herein are presented in United States Dollars, unless otherwise stated. Highlights: Construction Ahead of Schedule - At the end of the fourth quarter of 2021, overall construction progress at Las Chispas was 86.2% complete compared to a scheduled completion of 79.3%.

Start-up of the plant could now be earlier in the second quarter of 2022 than previously expected. Capital Costs Remain on Budget - During 2021, the Company committed 75.2% ($103.6 million) of the $137.7 million Feasibility Study capital cost estimate. A review of the capital cost estimate was completed in the fourth quarter of 2021 (‘2022 Capital Forecast') and it confirmed the validity of the Feasibility Study estimate while including additional investment in a number of key areas (power, underground development, ESG).

Of the remaining capital to be incurred in 2022, 20.7% is related to the Ausenco fixed price EPC contract for process plant construction and 14.7% is unused contingency. Powerline Progressing Well, Temporary Power Plant on Site - Construction of the powerline is expected to be completed in the second quarter of 2022. To ensure the plant can be energized immediately upon completion, a contingency plan of utilizing rental diesel generators was identified in the third quarter of 2021.

These diesel generators have all arrived at site and are expected to be commissioned by February 2022. Total temporary power available to the Project will be sufficient to support the mining operations, ramp-up and operation of the plant at full capacity. The Company's goal is to minimize the use of these generators and connect to the grid as soon as possible.

Underground Development Continues Ahead of Schedule - SilverCrest has completed a total of 17.5 kilometers of underground development since 2019. Approximately 1.8 km of additional development occurred in 2021 beyond the Feasibility Study life of mine plan. Unit underground development costs continued to track slightly under budget.

Planning for stopes was initiated in the fourth quarter of 2021 with mining from stopes to start in the first quarter of 2022. Site Safety Progress - At the end of 2021, after 1.9 million work-hours completed at site, the Company's Lost Time Injury Frequency Rate was 0.63 per 200,000 working hours and its Total Recordable Injury Frequency Rate was 4.11 per 200,000 working hours. In 2020, the Company voluntarily registered with Mexico's PASST, a program which defines safety standards and health and safety management plans.

The initial evaluation was performed by STPS (Mexico Labour Department) as part of this program in the fourth quarter of 2021, and is expected to be completed in the first half of 2022. Strict COVID-19 Protocols Remain - SilverCrest's strict COVID-19 protocols, including its confined camp, resulted in no delays due to COVID-19 or any other reason in 2021 and also resulted in additional benefits in productivity. To date, SilverCrest has conducted more than 15,000 PCR tests and a majority of employees (92%) and contractors (82%) are fully vaccinated.

With the highly contagious Omicron variant becoming more prevalent, the Company remains committed to its COVID-19 protocols. Management expects the camp to be utilized throughout 2022 and has adjusted its 2022 budget for this inclusion. The 2022 construction schedule includes some contingency to cope with potential delays due to COVID-19.

Strong Balance Sheet Ahead of Near-Term Cash Flow - As at December 31, 2021, SilverCrest had cash and cash equivalents of $176.5 million and $30.0 million remaining available under a $120.0 million project financing facility (the ‘Credit Facility'). In addition to the $43.0 million remaining capital costs remaining to be incurred in 2022, of which $8.9 million has been committed, the Company has budgeted for sustaining capital, spare parts, company-wide exploration, value added taxes, debt servicing, and corporate general and administrative costs. SilverCrest is well funded for plant start-up and ramp-up beginning in the second quarter of 2022, while still retaining the flexibility to pursue continued exploration, further optimization work and growth opportunities.