CERTIFICATE OF QUALIFIED PERSON
Kevin Murray, P. Eng.

I, Kevin Murray, P.Eng., certify that I am employed as a Manager Process Engineering with Ausenco Engineering Canada Inc. ("Ausenco"), with an office address of 1050 West Pender Street, Suite 1200, Vancouver, BC, Canada, V6E 3S7.

1. This certificate applies to the technical report titled "Las Chispas Operation Technical Report" dated September 5, 2023 that has an effective date of July 19, 2023 (the "Effective Date").

2. I graduated from the University of New Brunswick, Fredericton NB, in 1995 with a Bachelor of Science in Chemical Engineering.

3. I am a member of the Association of Professional Engineers and Geoscientists of the Province of British Columbia, Registration number# 32350 and the Northwest Territories Association of Professional Engineers and Geoscientists' Registration# L4940.

4. I have practiced my profession for 23 years. I have been directly involved in all levels of engineering studies from preliminary economic assessments (PEAs) to feasibility studies. I have led preliminary test work design, test work analysis and flowsheet development as well involvement in detailed design and commissioning. I have also developed operating cost estimates and contributed to and reviewed capital cost estimates.

5. I have read the definition of "Qualified Person" set out in the National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and certify that by virtue of my education, affiliation to a professional association and past relevant work experience, I fulfill the requirements to be a "Qualified Person" for those sections of the Technical Report that I am responsible for preparing.

6. I made a site visit to the Las Chispas Project on March 14 to 16, 2023.

7. I am responsible for Sections 1.1, 1.2, 1.9, 1.13, 1.14.1, 1.14.3, 1.14.5, 1.14.6, 1.15, 1.17, 1.18, 1.19, 1.19.2.2, 1.20, 2, 3.1, 3.4, 3.5, 13, 17, 18.1, 18.2, 18.3, 18.4, 18.5, 18.6, 18.7, 18.8, 18.9, 18.10, 18.11, 18.12, 18.13.2, 18.13.3, 18.14, 18.15, 18.16, 18.17, 18.20, 19, 21.1.3, 21.3.1, 21.3.3, 21.3.4, 22, 24, 25.1, 25.8, 25.9, 25.10, 25.12.1, 25.12.3, 25.13, 25.14, 25.14.3, 25.15, 25.15.3, 25.15.4, 25.15.5, 25.15.6, 25.16, 25.17, 26.1, 26.7 and 27 of the Technical Report.

8. I am independent of SilverCrest Metals Inc. as independence is described by Section 1.5 of the NI 43101.

9. I have had no previous involvement with the Las Chispas Project.

10. I have read NI 43-101 and the sections of the Technical Report for which I am responsible have been prepared in compliance with that Instrument.  As of the effective date of the Technical Report, to the best of my knowledge, information and belief, the sections of the Technical Report for which I am responsible contain all scientific and technical information that is required to be disclosed to make those sections of the Technical Report not misleading.

Dated:  Sept 5, 2023

"Signed and Sealed"

Kevin Murray, P. Eng. 

CERTIFICATE OF QUALIFIED PERSON
Scott Weston, P. Geo.

I, Scott Weston, P. Geo., as co-author of the technical report, do hereby certify that I am currently employed as Vice President, Business Development and Strategy of Ausenco Sustainability Inc., 4515 Central Boulevard, Burnaby, BC, Canada.

1. This certificate applies to the technical report titled "Las Chispas Operation Technical Report" dated September 5, 2023 that has an effective date of July 19, 2023 (the "Effective Date").

2. I graduated from University of British Columbia, Vancouver, BC, Canada in 1995 with a B.Sc. in Physical Geography, and from Royal Roads University, Victoria, BC, Canada, in 2003 with a M.Sc. in Environmental and Management.

3. I am a professional Geoscientist of Engineers and Geoscientists, British Columbia (#124888).

4. I worked as a geoscientist continuously for 25 years, leading or working on teams advancing multidisciplinary environmental projects related to natural resource development. Examples of projects I've been involved with include Wasamac Project FS, Eskay Creek Mine PFS, Las Chispas Mine FS, and Casino Project FS.

5. I have read the definition of "Qualified Person" set out in the National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and certify that by virtue of my education, affiliation to a professional association and past relevant work experience, I fulfill the requirements to be a "Qualified Person" for those sections of the Technical Report that I am responsible for preparing.

6. I have not made a site visit to the Las Chispas Project as of the Effective Date of the Technical Report.

7. I am responsible for Sections 1.16, 3.3, 20.1, 20.2, 20.4, 25.11.1, 25.11.2, 25.11.4 and 27 of the Technical Report.

8. I am independent of SilverCrest Metals Inc. as independence is described by Section 1.5 of the NI 43101.

9. I have previously acted as QP for sections of the Las Chispas Project Feasibility Study.

10. I have read the NI 43-101, and the sections of the Technical Report for which I am responsible have been prepared in compliance with that Instrument.

11. As of the Effective Date of the Technical Report, to the best of my knowledge, information and belief, the sections of the Technical Report for which I am responsible contain all scientific and technical information that is required to be disclosed to make those sections of the Technical Report not misleading.

Dated:  September 5, 2023

"Signed and Sealed"

Scott Weston, P.Geo

CERTIFICATE OF QUALIFIED PERSON
Wynand Marthinus, CEO, BBE

I, Wynand Marthinus Marx, certify that:

1. I am employed as CEO with BBE, with an office address of 24 Sloane Street, Bryanston, South Africa, 2191.

2. This certificate applies to the technical report titled "Las Chispas Operation Technical Report" (the "Technical Report") dated September 5, 2023 that has an effective date of July 19, 2023 (the "Effective Date").

3. I graduated from North West University, South Africa in 1992 with a Masters Degree in Mechanical Engineering. I am a Fellow in good standing of SAIMM, Member# 702441, and the Mine Ventilation Society of South Africa, Member# 60248.

4. I have practiced my profession for 30 years. I have successfully completed numerous projects including concept, pre- feasibility, feasibility and EPCM work in ventilation, refrigeration and main fan station studies covering all commodities in several countries globally.

5. I have read the definition of "Qualified Person" set out in the National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and certify that by virtue of my education, affiliation to a professional association and past relevant work experience, I fulfill the requirements to be a "Qualified Person" for those sections of the Technical Report that I am responsible for preparing.

6. I have not made a site visit to the Las Chispas Project.

7. I am responsible for Sections 16.8.12, 16.8.13.2, 21.1.2 and 27.

8. I am independent of SilverCrest Metals Inc. as independence is described by Section 1.5 of the NI 43-101.

9. I have had no previous involvement with the Las Chispas Project.

10. I have read the NI 43-101 and the sections of the Technical Report for which I am responsible have been prepared in compliance with that Instrument.

11. As of the Effective Date of the Technical Report, to the best of my knowledge, information and belief, the sections of the Technical Report for which I am responsible contain all scientific and technical information that is required to be disclosed to make those sections of the Technical Report not misleading.

Dated:  September 5, 2023

"Signed and Sealed"

Wynand Marthinus, CEO, BBE

CERTIFICATE OF QUALIFIED PERSON
Patrick Langlais, P. Eng.

I, Patrick Langlais, P.Eng., certify that:

1. I am employed as a Senior Mining Engineer with Entech Mining Ltd, with an office address of 100 King St W, Suite 5600, Toronto, Ontario, Canada. 

2. This certificate applies to the technical report titled "Las Chispas Operation Technical Report" (the "Technical Report") dated September 5, 2023 that has an effective date of July 19, 2023 (the "Effective Date").

3. I graduated from Queen's University in 2009 with a Bachelor of Applied Science, Mining Engineering. I am a member in good standing of Professional Engineers Ontario, License number 100186072.

4. I have practiced my profession for 14 years. My relevant experience includes ten years of operational experience in Ontario Canada, composed of eight years in Technical Services and two years in Operations, in addition to four years as a mining engineering consultant with Entech. My various roles included mine design, short-term planning, ventilation, ground control, project and contract management, long term planning and Technical Services management.

5. I have read the definition of "Qualified Person" set out in the National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and certify that by virtue of my education, affiliation to a professional association and past relevant work experience, I fulfill the requirements to be a "Qualified Person" for those sections of the Technical Report that I am responsible for preparing.

6. I visited the Las Chispas Project on July 10th to 12th 2023.

7. I am responsible for Sections 1.11, 1.12.3, 1.19.1.2, 1.19.2.3, 15, 16.1, 16.4, 16.5, 16.6, 16.7, 16.8.13, 16.8.13.1, 16.8.13.3, 16.8.13.4, 16.9, 16.10, 21.1.1, 21.3.2, 25.6, 25.7.3, 25.14.2, 25.15.2, and 26.6 of the Technical Report.

8. I am independent of SilverCrest Metals Inc. as independence is described by Section 1.5 of the NI 43-101.

9. I have had prior involvement with the property that is the subject of the Technical Report. I have contributed to short-term mine design and planning between March and September 2022.

10. I have read the NI 43-101 and the sections of the Technical Report for which I am responsible have been prepared in compliance with that Instrument.

11. As of the Effective Date of the Technical Report, to the best of my knowledge, information and belief, the sections of the Technical Report for which I am responsible contain all scientific and technical information that is required to be disclosed to make those sections of the Technical Report not misleading.

Dated: September 5, 2023

"Signed and Sealed"

Patrick Langlais, P.Eng.

CERTIFICATE OF QUALIFIED PERSON
Michael Verreault, P. Eng.

I, Michael Verreault, certify that:

1. I am employed as Hydrogeologist with Hydro-Ressources Inc, with an office address of 4174 rue Bonnard, Jonquiere, QC Canada, G7Z1N6.

2. This certificate applies to the technical report titled "Las Chispas Operation Technical Report" (the "Technical Report") dated September 5, 2023 that has an effective date of July 19, 2023 (the "Effective Date").

3. I graduated from University of Quebec in Chicoutimi in 2000 with a Bachelor of Engineering and in 2003 with a Master Degree in Hydrogeology. I am a member in good standing of Order of Engineer of Quebec, License# 125243.

4. I have practiced my profession for 22 years. I have [been involved in mine dewatering in multiple mines around the world, including mines in the USA and Mexico.

5. I have read the definition of "Qualified Person" set out in the National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and certify that by virtue of my education, affiliation to a professional association and past relevant work experience, I fulfill the requirements to be a "Qualified Person" for those sections of the Technical Report that I am responsible for preparing.

6. I visited the Las Chispas Project on November 10-12, 2020.

7. I am responsible for Sections 1.12.2, 16.3, 25.7.2 and 27 of the Technical Report.

8. I am independent of SilverCrest Metals Inc. as independence is described by Section 1.5 of the NI 43-101.

9. I have had no previous involvement with the Las Chispas Project.

10. In 2021 SilverCrest Metals Inc. submitted a Feasibility Report for which I was the Qualified Person for hydrogeology and mine dewatering.

11. I have read the NI 43-101 and the sections of the Technical Report for which I am responsible have been prepared in compliance with that Instrument.

12. As of the Effective Date of the Technical Report, to the best of my knowledge, information and belief, the sections of the Technical Report for which I am responsible contain all scientific and technical information that is required to be disclosed to make those sections of the Technical Report not misleading.

Dated: September 5, 2023

"Signed and Sealed"

Michael Verreault, P. Eng.

CERTIFICATE OF QUALIFIED PERSON
Ben Peacock, P. Eng.

I, Ben Peacock, P.Eng., certify that:

1. I am employed as a Specialist Engineer with Knight Piésold Ltd., with an office address of 200-1164 Devonshire Avenue, North Bay, Ontario, P1B 6X7.

2. This certificate applies to the technical report titled "Las Chispas Operation Technical Report" (the "Technical Report") dated September 5, 2023 that has an effective date of July 19, 2023 (the "Effective Date").

3. I graduated from the University of Waterloo in 2008 with a Bachelors of Applied Science. I am a member in good standing of Professional Engineers Ontario (License# 100141409) and a member of Professional Engineers and Geoscientists Newfoundland & Labrador and the Nunavut and Northwest Territories Association of Professional Engineers and Geoscientists.

4. I have practiced my profession in the mining industry for 15 years. My work over that period has focussed on rock mass characterization, stability analyses, input to design studies, and operational rock mechanics support for open pit and underground mines worldwide, including northern Mexico.

5. I have read the definition of "Qualified Person" set out in the National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and certify that by virtue of my education, affiliation to a professional association and past relevant work experience, I fulfill the requirements to be a "Qualified Person" for those sections of the Technical Report that I am responsible for preparing.

6. I visited the Las Chispas Operation most recently on November 29 to December 2, 2022.

7. I am responsible for Sections 1.12.1, 16.2, 25.7.1, and 27 of the Technical Report.

8. I am independent of SilverCrest Metals Inc. as independence is described by Section 1.5 of the NI 43-101.

9. I have had no previous involvement with the Las Chispas Operation.

10. I have read the NI 43-101 and the sections of the Technical Report for which I am responsible have been prepared in compliance with that Instrument.

11. As of the Effective Date of the Technical Report, to the best of my knowledge, information and belief, the sections of the Technical Report for which I am responsible contain all scientific and technical information that is required to be disclosed to make those sections of the Technical Report not misleading.

Dated: September 5, 2023

"Signed and Sealed"

Ben Peacock, P.Eng.

CERTIFICATE OF QUALIFIED PERSON
Jarita Barry, P. Geo.

I, Jarita Barry, P. Geo., certify that:

1. I am employed as an independent geological consultant contracted by P&E Mining Consultants Inc., with an office address of 4 Creek View Close, Mount Clear, Victoria, Australia, 3350.

2. This certificate applies to the technical report titled, "Las Chispas Operation Technical Report", (the "Technical Report") dated September 5, 2023 that has an effective date of July 19, 2023 (the "Effective Date").

3. I graduated from RMIT University of Melbourne, Victoria, Australia in 2000, with a B.Sc. in Applied Geology.
I am a member in good standing of Engineers and Geoscientists British Columbia (License No. 40875), Professional Engineers and Geoscientists Newfoundland & Labrador (License No. 08399), Northwest Territories and Nunavut Association of Professional Engineers and Geoscientists (License No. L3874) and the Australasian Institute of Mining and Metallurgy of Australia (Member No. 305397).

4. I have practiced as a geologist for over 15 years since obtaining my B. Sc. degree.  A list of my relevant experience for the purpose of the Technical Report is provided below:

• Geologist, Foran Mining Corp. 2004

• Geologist, Aurelian Resources Inc. 2004

• Geologist, Linear Gold Corp. 2005-2006

• Geologist, Búscore Consulting 2006-2007

• Consulting Geologist (AusIMM) 2008-2014

• Consulting Geologist, P.Geo. (APEGBC/AusIMM)  2014-Present

My relevant recent silver and gold sampling methods and data verification experience is as follows:

• Endeavour Silver - Terronera - Mexico

• GoGold Resources - Los Ricos, Santa Gertrudis - Mexico

• Zacatecas Silver - Panuco, Esperanza - Mexico

5. I have read the definition of "Qualified Person" set out in the National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and certify that by virtue of my education, affiliation to a professional association and past relevant work experience, I fulfill the requirements to be a "Qualified Person" for those sections of this Technical Report that I am responsible for preparing.

6. I have not made a site visit to the Las Chispas Project.

7. I am responsible for Sections 11, 12.1, 12.3, 26.3, and 27 of this Technical Report.

8. I am independent of SilverCrest Metals Inc. ("SilverCrest") as independence is described by Section 1.5 of the
NI 43-101.

9. I have previous experience with the project as a contributing author on the 2021 Feasibility Study for the Company.

10. I have read the NI 43-101 and the sections of this Technical Report for which I am responsible have been prepared in compliance with that Instrument.

11. As of the Effective Date of this Technical Report, to the best of my knowledge, information and belief, the sections of this Technical Report for which I am responsible contain all scientific and technical information that is required to be disclosed to make those sections of this Technical Report not misleading.

Dated:  September 5, 2023

"Signed and Sealed"

Jarita Barry, P. Geo. 

CERTIFICATE OF QUALIFIED PERSON
David Burga, P. Geo.

I, David Burga, P. Geo., certify that:

1. I am employed as a geological consultant contracted by P&E Mining Consultants Inc., with an office address of 3884 Freeman Terrace, Mississauga, Ontario.

2. This certificate applies to the technical report titled, "Las Chispas Operation Technical Report", (the "Technical Report") dated September 5, 2023 that has an effective date of July 19, 2023 (the "Effective Date").

3. I graduated from the University of Toronto in 1997 with a Bachelor of Science degree in Geological Science. I am a member in good standing of Professional Geoscientists Ontario, License # 1836. 

4. I have practiced my profession for over 20 years since obtaining my B.Sc. Degree.  I have been directly involved as:

• Exploration Geologist, Cameco Gold 1997-1998

• Field Geophysicist, Quantec Geoscience  1998-1999

• Geological Consultant, Andeburg Consulting Ltd. 1999-2003

• Geologist, Aeon Egmond Ltd. 2003-2005

• Project Manager, Jacques Whitford 2005-2008

• Exploration Manager - Chile, Red Metal Resources 2008-2009

• Consulting Geologist 2009-Present

My relevant recent drilling of silver and gold epithermal deposits and data verification experience is as follows:

• Endeavour Silver - Terronera - Mexico

• GoGold Resources - Los Ricos, Santa Gertrudis - Mexico

• Zacatecas Silver - Panuco, Esperanza - Mexico

• McEwen Mining - San Jose - Argentina

• Hochschild Mining - Arcata, Pallancata, Inmaculada - Peru

5. I have read the definition of "Qualified Person" set out in the National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and certify that by virtue of my education, affiliation to a professional association and past relevant work experience, I fulfill the requirements to be a "Qualified Person" for those sections of this Technical Report that I am responsible for preparing.

6. I have not made a site visit to the Las Chispas Project.

7. I am responsible for Sections 10, 12.2, and 27 of this Technical Report.

8. I am independent of SilverCrest Metals Inc. as independence is described by Section 1.5 of the NI 43-101.

9. I have previous experience with the project as a contributing author on the 2021 Feasibility for the Company.

10. I have read the NI 43-101 and the sections of this Technical Report for which I am responsible have been prepared in compliance with that Instrument.

11. As of the Effective Date of this Technical Report, to the best of my knowledge, information and belief, the sections of this Technical Report for which I am responsible contain all scientific and technical information that is required to be disclosed to make those sections of this Technical Report not misleading.

Dated:  September 5, 2023

"Signed and Sealed"

David Burga, P.Geo.

CERTIFICATE OF QUALIFIED PERSON
Eugene J. Puritch, P. Eng.

I, Eugene J. Puritch, P.Eng., FEC, CET, certify that:

1. I am employed as an independent mining consultant and President of P&E Mining Consultants Inc., with an office address at 44 Turtlecreek Blvd., Brampton, Ontario, L6W 3X7.

2. This certificate applies to the technical report titled, "Las Chispas Operation Technical Report", (the "Technical Report") dated September 5, 2023 that has an effective date of July 19, 2023 (the "Effective Date").

3. I graduated from The Haileybury School of Mines, with a Technologist Diploma in Mining in 1977, as well as obtaining an additional year of undergraduate education in Mine Engineering at Queen's University 1978. In addition, I have also met the Professional Engineers of Ontario Academic Requirement Committee's Examination requirement for a bachelor's degree in Engineering Equivalency 2003. I am a member in good standing of the Professional Engineers and Geoscientists New Brunswick (License No. 4778), Professional Engineers, Geoscientists Newfoundland and Labrador (License No. 5998), Association of Professional Engineers and Geoscientists Saskatchewan (License No. 16216), Ontario Association of Certified Engineering Technicians and Technologists (License No. 45252), Professional Engineers of Ontario (License No. 100014010), Association of Professional Engineers and Geoscientists of British Columbia (License No. 42912), Northwest Territories and Nunavut Association of Professional Engineers and Geoscientists (No. L3877).

I have practiced my profession continuously since 1978. I have been directly involved as:

• Mining Technologist - H.B.M.& S. and Inco Ltd., 1978-1980

• Open Pit Mine Engineer - Cassiar Asbestos/Brinco Ltd. 1981-1983

• Pit Engineer/Drill & Blast Supervisor - Detour Lake Mine 1984-1986

• Self-Employed Mining Consultant - Timmins Area 1987-1988

• Mine Designer/Resource Estimator - Dynatec/CMD/Bharti 1989-1995

• Self-Employed Mining Consultant/Resource-Reserve Estimator 1995-2004

• President - P&E Mining Consultants Inc. 2004-Present

My relevant recent silver and gold mineral resource estimation experience is as follows:

• Endeavour Silver - Terronera - Mexico

• GoGold Resources - Los Ricos, Santa Gertrudis - Mexico

• Zacatecas Silver - Panuco, Esperanza - Mexico

• McEwen Mining - San Jose - Argentina

• Hochschild Mining - Arcata, Pallancata, Inmaculada - Peru

4. I have read the definition of "Qualified Person" set out in the National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and certify that by virtue of my education, affiliation to a professional association and past relevant work experience, I fulfill the requirements to be a "Qualified Person" for those sections of this Technical Report that I am responsible for preparing.

5. I have not made a site visit to the Las Chispas Project.

6. I am responsible for sections 1.10, 1.19.1.1, 14.1, 14.2, 14.11, 14.14, 14.19, 25.5, 25.14.1, 26.4, 26.5, and 27 of this Technical Report.

7. I am independent of SilverCrest Metals Inc. ("SilverCrest") as independence is described by Section 1.5 of the      NI 43-101.

8. I have had previous experience with the project as a contributing author on the 2021 Feasibility Study for the Company.

9. I have read the NI 43-101 and the sections of the technical report for which I am responsible have been prepared in compliance with that Instrument

10. As of the Effective Date of this Technical Report, to the best of my knowledge, information and belief, the sections of this Technical Report for which I am responsible contain all scientific and technical information that is required to be disclosed to make those sections of this Technical Report not misleading.

Dated:  September 5, 2023

"Signed and Sealed"

Eugene J. Puritch, P.Eng., FEC, CET CERTIFICATE OF QUALIFIED PERSON William Stone, P. Geo.

I, William Stone, PhD., P.Geo., certify that:

1. I am employed as an independent geological consultant with P&E Mining Consultants Inc., with an office address of 4361 Latimer Crescent, Burlington, Ontario, L7M 4R2.

2. This certificate applies to the technical report titled, "Las Chispas Operation Technical Report", (the "Technical Report") dated September 5, 2023 that has an effective date of July 19, 2023 (the "Effective Date").

3. I graduated from Dalhousie University with a Bachelor of Science (Honours) degree in Geology in 1983.
In addition, I earned a Master of Science in Geology in 1985, and a PhD in Geology in 1988 from the University of Western Ontario. I am a member in good standing of Professional Geoscientists Ontario, License #1569.

4. I have practiced my profession for 38 years since I obtained my M.Sc. degree in 1985. I have been directly involved as:

• Contract Senior Geologist, LAC Minerals Exploration Ltd. 1985-1988

• Post-Doctoral Fellow, McMaster University 1988-1992

• Contract Senior Geologist, Outokumpu Mines and Metals Ltd. 1993-1996

• Senior Research Geologist, WMC Resources Ltd. 1996-2001

• Senior Lecturer, University of Western Australia 2001-2003

• Principal Geologist, Geoinformatics Exploration Ltd. 2003-2004

• Vice President Exploration, Nevada Star Resources Inc. 2005-2006

• Vice President Exploration, Goldbrook Ventures Inc. 2006-2008

• Vice President Exploration, North American Palladium Ltd. 2008-2009

• Vice President Exploration, Magma Metals Ltd. 2010-2011

• President & COO, Pacific North West Capital Corp. 2011-2014

• Consulting Geologist 2013-2017

• Senior Project Geologist, Anglo American  2017-2019

• Consulting Geoscientist 2020-Present

My relevant recent silver and gold epithermal geology and exploration experience is as follows:

• GoGold Resources - Los Ricos North, Santa Gertrudis - Mexico

• GoGold Resources - Los Ricos South, Santa Gertrudis - Mexico

• P2 Gold - Gabbs, Nevada

• Westhaven Gold - Shovelnose, British Columbia

• Zacatecas Silver - Panuco, Esperanza - Mexico

5. I have read the definition of "Qualified Person" set out in the National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and certify that by virtue of my education, affiliation to a professional association and past relevant work experience, I fulfill the requirements to be a "Qualified Person" for those sections of this Technical Report that I am responsible for preparing.

6. I have not made a site visit to the Las Chispas Project.

7. I am responsible for Sections 1.3, 1.4, 1.5, 1.6, 1.7, 1.8, 1.19.2.1, 3.2, 4, 5, 6, 7, 8, 9, 23, 25.2, 25.3, 25.4, 25.15.1, 26.2 and 27 of this Technical Report.

8. I am independent of SilverCrest Metals Inc. as independence is described by Section 1.5 of the NI 43-101.

9. I have previous experience with the project as a contributing author on the 2021 Feasibility Study for the Company

10. I have read the NI 43-101 and the sections of the technical report for which I am responsible have been prepared in compliance with that Instrument.

11. As of the Effective Date of this Technical Report, to the best of my knowledge, information and belief, the sections of this Technical Report for which I am responsible contain all scientific and technical information that is required to be disclosed to make those sections of this Technical Report not misleading.

Dated:  September 5, 2023

"Signed and Sealed"

William Stone, PhD., P.Geo.

CERTIFICATE OF QUALIFIED PERSON
Yungang Wu, P. Geo

I, Yungang Wu, P. Geo., certify that:

1. I am employed as an independent consulting geologist contracted by P&E Mining Consultants Inc., with an office address of 3246 Preserve Drive, Oakville, Ontario, L6M 0X3.

2. This certificate applies to the technical report titled, "Las Chispas Operation Technical Report", (the "Technical Report") dated September 5, 2023 that has an effective date of July 19, 2023 (the "Effective Date").

3. I graduated from Jilin University, China in 1992 with a Master's Degree in Mineral Deposits. I am a member in good standing of Professional Geoscientists Ontario (Registration No. 1681).

4. I have practiced my profession for more than 25 years. I have been directly involved as a:

• Geologist -Geology and Mineral Bureau, Liaoning Province, China 1992-1993

• Senior Geologist - Committee of Mineral Resources and Reserves of Liaoning, China 1993-1998

• VP - Institute of Mineral Resources and Land Planning, Liaoning, China 1998-2001

• Project Geologist-Exploration Division, De Beers Canada 2003-2009

• Mine Geologist - Victor Diamond Mine, De Beers Canada 2009-2011

• Resource Geologist- Coffey Mining Canada 2011-2012

• Consulting Geologist 2012-Present

My relevant recent silver and gold mineral resource estimation experience is as follows:

• Endeavour Silver - Terronera - Mexico

• GoGold Resources - Los Ricos, Santa Gertrudis - Mexico

• Zacatecas Silver - Panuco, Esperanza - Mexico

5. I have read the definition of "Qualified Person" set out in the National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and certify that by virtue of my education, affiliation to a professional association and past relevant work experience, I fulfill the requirements to be a "Qualified Person" for those sections of the technical report that I am responsible for preparing.

6. I have not made a site visit to the Las Chispas Project.

7. I am responsible for authoring Sections 14.3, 14.4, 14.5, 14.6, 14.7, 14.8, 14.9, 14.10, 14.12, 14.13, 14.15, 14.16, 14.17, and 14.18 and Section 27 of this Technical Report.

8. I am independent of SilverCrest Metals Inc. ("SilverCrest") as independence is described by Section 1.5 of the
NI 43-101.

9. I have previous experience with the project as a contributing author on the 2021 Feasibility Study for the Company.

10. I have read the NI 43-101 and the sections of this Technical Report for which I am responsible have been prepared in compliance with that Instrument.

11. As of the Effective Date of this Technical Report, to the best of my knowledge, information and belief, the sections of this Technical Report for which I am responsible contain all scientific and technical information that is required to be disclosed to make those sections of this Technical Report not misleading.

Dated: September 5, 2023

"Signed and Sealed"

Yungang Wu, P.Geo 

CERTIFICATE OF QUALIFIED PERSON
Christopher Lee, P. Eng.

Dated: September 5, 2023

"Signed and Sealed"

Christopher Lee, P. Eng.

CERTIFICATE OF QUALIFIED PERSON
Humberto F. Preciado, P.E.

Dated: September 5, 2023

"Signed and Sealed"

Humberto F. Preciado, P.E. 

 Important Notice

This report was prepared as National Instrument 43-101 Technical Report for SilverCrest Metals Inc. (SilverCrest) by Ausenco Engineering Canada Inc. and Ausenco Sustainability Inc. (Ausenco), BBE Group Canada (BBE), Entech Mining Ltd. (Entech), Hydro-Ressources Inc. (HRI), Knight Piésold Ltd. (KP), P&E Mining Consultants Inc. (P&E), WSP Canada Inc. and WSP USA Inc. collectively the Report Authors. The quality of information, conclusions, and estimates contained herein is consistent with the level of effort involved in the Report Authors' services, based on i) information available at the time of preparation, ii) data supplied by outside sources, and iii) the assumptions, conditions, and qualifications set forth in this report. This report is intended for use by SilverCrest subject to terms and conditions of its contract with each of the Report Authors. Except for the purposes legislated under Canadian provincial and territorial securities law, any other uses of this report by any third party are at that party's sole risk.

Table of Contents

List of Tables

List of Figures

Appendices

1 SUMMARY

1.1 Introduction

SilverCrest Metals Inc. (SilverCrest or the Company) commissioned Ausenco Engineering Canada Inc. (Ausenco) to compile an Operating Technical Report (the Report) on the Las Chispas Operation (the Las Chispas Operation), located in Sonora, Mexico. The effective date (the Effective Date) of the Report is July 19, 2023.

This Report has been prepared for SilverCrest to conform to the regulatory requirements of Canadian National Instrument (NI) 43-101 using the form 43-101 F1 Standards of Disclosure for Mineral Projects.

The responsibilities of the engineering companies contracted by SilverCrest to prepare this Report are as follows:

• Ausenco managed and coordinated the work related to the Report, reviewed the metallurgical test results, Process Plant operating performance and cost estimates for the Process Plant infrastructure, general site infrastructure, and economic analysis.

• Ausenco Sustainability Inc. conducted a review of the environmental studies and permitting information for the Las Chispas Operations.

• BBE Group Canada (BBE) completed the underground mine ventilation design, including capital cost inputs for fixed installation fans, auxiliary fans for ramp development, mobile refuge bay installations and bulkheads for emergency escapes.

• Entech Mining Ltd. (Entech) developed the Mineral Reserve Estimate, the mine design, mine production schedule, and mining costs including capital development and mine operating costs.

• Hydro-Ressources Inc (HRI) completed a review of the site hydrological data.

• Knight Piésold Ltd. (KP) completed geotechnical studies.

• P&E Mining Consultants Inc. (P&E) completed the work related to property description, accessibility, local resources, geological setting, deposit type, exploration work, drilling, exploration works, sample preparation and analysis, data verification and the Mineral Resource Estimate.

• WSP Canada Inc. completed the design for process water, electrical systems, mine dewatering, underground fuel distribution and other underground services, and provided capital cost inputs for process water, mine dewatering, compressed air, electrical systems and communications.

• WSP USA Inc. completed the site wide water balance and developed the design and cost estimate for the tailings storage facility.

1.2 Terms of Reference

The Report supports disclosures by SilverCrest in the news release dated July 31, 2023, entitled "SilverCrest Announces Results of Updated Independent Technical Report".

The firms and consultants who are providing Qualified Persons (QPs) responsible for the content of the Report are, in alphabetical order, Ausenco Engineering Canada Inc. and Ausenco Sustainability Inc. (Ausenco), BBE Group Canada (BBE), Entech Mining Ltd. (Entech), Hydro-Ressources Inc. (HRI), Knight Piésold Ltd. (KP), P&E Mining Consultants Inc. (P&E), WSP Canada Inc. and WSP USA Inc.

All units of measurement in the Report are metric, unless otherwise stated. The monetary units are in US dollars, unless otherwise stated.

Mineral Resources and Mineral Reserves are reported in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (the 2014 CIM Definition Standards).

1.3 Project Setting

The City of Hermosillo is approximately 220 km southwest of the Las Chispas Operation, or a three-hour drive; Tucson, Arizona is approximately 350 km northwest of the Las Chispas Operation, or a five-hour drive; and the community and large copper mine in Cananea is located approximately 150 km to the north along Highway 89, or a two-and-a-half-hour drive. The closest villages are Banamichi, 25 km to the southwest, and Arizpe, located approximately 12 km to the northeast. The closest resident to the Las Chispas Operation, a single ranch house, is 10 km to the west.

Mining supplies and services are readily available from the towns of Cananea, Hermosillo, and Tucson. Labour and skilled workforces exist in the nearby communities, including Banamichi and Arizpe, for which transportation routes have been established to support the mining operation. A 500-bed accommodation camp is available at the Las Chispas Operation and housing is also available in the nearby communities.

The Las Chispas Operation is connected to the national electricity grid vias a 33 KV power line with an overall capacity of 7.6 MW. This capacity is sufficient for the LOM.

The Las Chispas Operation is accessed from the community of Arizpe via secondary gravel roads, approximately 10 km off the paved highway. The Sonora River crossing is possible via the recently built 171 m Tetuachi Bridge. The remainder of the road has been upgraded to support both construction and operation-related traffic.

The climate is typical for the Sonoran Desert, with a dry season from October to May. Seasonal temperatures vary from approximately 0°C to 40°C. Average rainfall is estimated at 300 mm/year but can vary substantially. Operations are being conducted year-round.

The Las Chispas Operation is located on the western edge of the north-trending Sierra Madre Occidental Mountain range geographically adjacent to the Sonora Valley. Surface elevations range from 950 metres above sea level (masl) to approximately 1,375 masl.

Drainage valleys generally flow north to south, and east to west towards the Sonora River. During the rainy season, flash flooding can occur in the area.

Vegetation is scarce during the dry season and limited primarily to juvenile and mature mesquite trees and cactus plants. During the wet season, various blooming cactus, trees, and grasses are abundant in drainage areas and on hillsides.

1.4 Property Description and Location

The Las Chispas Property consists of 28 mineral concessions, totalling 1,400.96 ha, which are held by SilverCrest's Mexico subsidiary Compañía Minera La Llamarada S.A. de C.V. (LLA). Concessions have expiry dates that run from 2039-2073. One concession is in the grant process, and one concession is the subject of legal proceedings following cancellation. The mineral concessions that host the Mineral Resources and Mineral Reserves are in good standing. At the Report Effective Date, all required mining duties were paid.

The surface rights overlying the Las Chispas Property mineral concessions and road access from local highway are either owned by LLA or held by LLA under a negotiated 20-year lease agreement with the Ejido Bamori. LLA has purchased the Cuesta Blanca and Babicanora ranches and signed a 20-year lease agreement for a portion of the Tetuachi Ranch. Surface rights are sufficient for the proposed life of mine (LOM) plan and include the locations of necessary infrastructure as presented in the Report. On February 2, 2023, LLA purchased the La Higuerita Ranch situation in the municipality of Arizpe, Sonora.

A 2% royalty is payable on the Nuevo Lupena and Panuco II concessions for material that has processed grades of ≥0.5 oz/tonnes gold and ≥ 40 oz/tonnes silver, combined. These concessions do not include Mineral Reserves.

This Report assumes that production water will be from the 900 level (900 m from surface or 850 masl) of the historical Las Chispas Mine and from the Sonora Valley within the Las Chispas Property limit and near the main access road to the site. This combined source of water is considered representative of the regional water table, has been tested, and is adequate in quantity and quality for exploration and production purposes. LLA has sufficient water rights for operations.

1.5 History

Historic records indicated mining around the Las Chispas Operation area started as early as the 1640s. There are incomplete historic records available on mining activities in the 1800s and 1900s. Numerous small mines were operated during the period 1900-1930. There is a gap in mining activity records for Las Chispas between the mid-1930s through to 1974. A small mill operated offsite from 1974 to 1984, treating material from historic mine dumps.

Minefinders Corporation Ltd. (Minefinders) conducted geological mapping and a geochemical sampling program comprising stream sediment and bulk-leach extractable gold (BLEG) samples, underground and surface rock chip sampling, and drilling of seven (7) reverse circulation (RC) drill holes (1,842.5 m) to test potential mineralization adjacent to the Las Chispas mineralized northwest-southeast trend. Drill results were not encouraging.

SilverCrest's subsidiary obtained the rights to the Las Chispas Operation area in 2015. Exploration work completed to the Effective Date includes 2,840 (690,124 m) core drill holes, surface and underground mapping and sampling, rehabilitation of underground workings, auger and trench sampling of historic mine dumps, Mineral Resource estimations, environmental baseline and supporting studies, initiation of permitting activities, metallurgical testwork approximately 9 km of underground development and completion of a Preliminary Economic Assessment (the PEA) (Tetra Tech, 2019) and completion of a "NI 43-101 Technical Report & Feasibility Study on the Las Chispas Project" (2021 FS Report) (Ausenco, 2021).

1.6 Geological Setting and Mineralization

Mineral deposits in the Las Chispas district are classified as gold and silver, low to intermediate sulphidation epithermal systems, typical of many deposits in Sonora, Mexico.

In northwestern Mexico, much of the exposed geology can be attributed to the subduction of the Farallon Plate beneath the North American Plate and related magmatic arc volcanism. The host rocks to mineralization in the Las Chispas district are generally pyroclastic, tuffs, and rhyolitic flows interpreted to be members of the Lower Volcanic Complex. Locally, volcanic pyroclastic units mapped within the underground workings include rhyolite, welded rhyodacite tuff, lapilli (lithic) tuff, and volcanic agglomerate.

All rock types in the Las Chispas Operation area show signs of extensive hydrothermal alteration. Thin section and TerraSpec™ hyperspectral studies identified alteration consistent with argillic and advanced argillic alteration. Alteration minerals identified include smectite, illite, kaolinite, chlorite, carbonate, iron oxy/hydroxides, probable ammonium, gypsum/anhydrite, silica, and patch trace alunite.

Generally, the host rocks are above the existing water table. Oxidation of sulphides is observed from near-surface to depths greater than 300 m and the presence of secondary minerals is recorded from the Las Chispas historic underground workings approximately 60 m to 275 m in depth from the surface. Strong and pervasive near-surface oxidation is noted to occur in the Babicanora Area, where host rocks experienced faulting and advanced weathering to limonite, hematite, and clays.

Regionally, the Las Chispas Operation is situated in an extension basin related to a Late Oligocene half-graben of the Sonora River Basin. Multiple stages of normal faulting affect the basin. The main structures are steep, west-dipping (80°) and sub-parallel to the Santa Elena-Las Chispas normal fault, which is located along the western margin of the Las Chispas Operation, striking approximately 210°. The basin is further cross-cut by younger northwest-southeast trending normal faults that dip to the southwest, creating both regional and local graben structures. Locally, the graben structures are complicated by the effects of probable caldera collapse. Three structural controls, excluding bedding contacts, are considered to influence alteration and mineralization:

• 150-170° striking and are inclined at approximately 65-75° to the southwest

• 340-360° striking and are inclined 75° west to 75° east; and

• 210-230° striking and are inclined 70-85° to the northwest.

Mineralization is hosted in hydrothermal veins, stockwork, and breccia. Emplacement of the mineralization is influenced by fractures and low-pressure conduits formed within the rocks during tectonic movements. Mineralization can be controlled lithologically along regional structures, local tension cracks, and faulted bedding planes. Brecciated mineralization formed in two ways: 1) in zones of low pressure as hydrothermal breccia; and 2) as mechanical breccias. These breccia types are interpreted to occur at the intersection of two or more regional structural trends. The mineralization is 0.10-10 m in true width, and typically encompasses a central quartz ± calcite mineralization corridor with narrow veinlets within the adjacent fault damage zone. Stockwork and breccia zones are centred on structurally controlled hydrothermal conduits.

Generally, it appears that epithermal mineralization is higher in the system (closer to the paleo-surface) on the west side (e.g., La Victoria Vein and historic mine) of the Las Chispas district compared to the east side (e.g., Granaditas Vein and historic mine), where there is an observed increase in base metal content.

Silver mineralization visually dominates over gold throughout the Las Chispas Operation. Acanthite is the principal silver mineral. Electrum and native silver can be present. Silver is associated with galena, pyrite ± marcasite and chalcopyrite. Gold occurs as electrum, native flakes and in association with pyrite and chalcopyrite. Locally, gold and silver values have a strong correlation with each other. Base metal contents are low in veins.

The Las Chispas Operation is divided into the Las Chispas Area and the Babicanora Area, and currently has 62 epithermal veins, not including seven bifurcations. Mineral Resources were estimated for 38 veins, including bifurcations and Mineral Resources were estimated for 38 veins, including bifurcations, and Mineral Reserves were estimated for 19 veins, including HW, FW and splays, of which six veins (Babicanora Main, Babicanora FW, Babicanora Norte, Babicanora Sur, Babi Vista and Las Chispas) contain the majority of the Mineral Reserves.

1.7 Drilling and Sampling

SilverCrest completed several drilling program phases from 2016-2023.

SilverCrest completed their Phase I and Phase II drilling programs between March 2016 and February 2018. The Phase III drilling program included drilling up to February 2019. The Phase III Extended drilling program, starting in February 2019, focused on in-fill and expansion drilling and was completed on October 16, 2020, with a total of 309,383 m of drilling in 1,137 drill holes. Phase IV included drilling from October 2020 to June 2022, and focused mainly on infill and expansion of known veins with a total of 198,926 m of drilling in 1,041 drill holes, this Phase is known as the "Resource and Reserve" or "R&R Drill Program". Phase V includes drilling from June 2022 to March 2023, which focused on expansion drilling for Inferred Mineral Resources with a total of 64,755 m of drilling in 223 drill holes. From the start of drilling in March 2016 to March 2023, a total of 2,840 drill holes were completed for 690,124 m drilled with 247,033 samples collected for geochemical analysis. Drilling data to March 21, 2023 was used in the Mineral Resource Estimate and to June 30, 2022, in the Mineral Reserve Estimate.

The Phase I drilling program targeted near-surface mineralization, lateral extensions of previously mined areas, and potential deep extensional mineralization proximal to the historic workings. The Phase II drilling program focused on surface drilling at the Las Chispas, Babicanora, William Tell, and Giovanni veins and on underground drilling at the Las Chispas and Babicanora veins. The Phase III drilling program focused on surface drilling at the Babicanora, Babicanora FW, Babicanora HW, Babicanora Norte, Babicanora Sur, Granaditas, Luigi, and Giovanni veins and underground drilling at the Las Chispas veins. The Phase III Extended drilling program was an infill program to support potential confidence category upgrades, and test for expansion of multiple veins.

Phase IV drilling targeted the Babicanora Main, Babicanora Norte, Babicanora Sur, Babi Vista, Encinitas, Amethyst and Las Chispas vein systems. Phase V focused on expansion drilling along the Babicanora Norte, Babicanora Sur, Ranch, La Victoria, Espíritu Santo, and Babi Vista vein systems.

Surface collar locations were initially surveyed using a handheld global positioning system (GPS) unit and then professionally surveyed by a local contractor. A survey was completed by external consultant David Chavez Valenzuela in October 2018. This survey was performed using a GNSS Acnovo GX9 UHF instrument. The remainder of the drill hole collar surveys done until December 2019 were completed by Precision GPS S.A. de C.V. (Precision GPS) from Hermosillo, Sonora, Mexico, using a Trimble VX10 Total Station and a Trimble R8 GNSS GPS RTK system. Starting on January 2020, surveys have been conducted by Llamarada personnel using a Trimble R8 GNSS GPS RTK system. The survey provided drill collar locations, information on roads, and additional detail on property boundaries.

Until December 2019, underground exploration drill hole collars were surveyed by Precision GPS using the underground control points established for each of the workings. Starting in January 2020 all collars were surveyed by Llamarada personnel. All holes were downhole surveyed as single-shot measurements with a Flex-it tool starting at 15 m with measurements at every 50 m to determine deviation. The survey measurements were monitoring downhole deviations and significant magnetic interference from the drill rods that would prevent accurate readings.

For any newly discovered veins, the first 10 drill holes are completely sampled. Additional drill holes could be entirely sampled, if such sampling were needed to establish a greater understanding of geology and mineralization. Sample intervals were laid out for mineralization, veining, and structure. Approximately 10 m before and after each mineralization zone was included in the sampling intervals. A minimum of 0.5 m sample lengths of mineralization material was taken up to a maximum of 3 m in non-mineralization rock. Each sample interval was either split using a hand splitter or cut using a wet core saw, perpendicular to veining, where possible, to leave representative core in the box and to reduce any potential bias in the sampled mineralization submitted with the sample.

Chip samples and/or channel samples were collected from historic underground workings and newly developed in-vein drifting. A total of 8,178 underground channel sample results were collected as of the data cut-off date. In Babicanora Main vein system, approximately 4 km of strike length were developed and sampled, with most of it in the Babicanora Main vein. In the Babicanora Norte vein system, approximately 850 m of strike length were developed and sampled. In Babi Vista vein system, approximately 500 m were developed and sampled.

SilverCrest's approach to grade control sample collection on the face of in-vein drifting consists of the following steps. Underground continuous channel samples were marked horizontally across the face by a geologist, based on mapping, per lithology or mineralization contacts, using spray paint prior to sample collection. Sample lengths varied by width of the geological contact and were set to a minimum of 0.30 m in mineralization to a maximum of 1.5 m in waste. Two long cuts 5 cm deep and separated by 10 cm were made parallel to the sample line using a pneumatic rock saw. Then, several short cuts perpendicular to the sample line were made at the contacts and between contacts. The rock is removed from the channel using a small sledge hammer and hand maul, or pneumatic chipper, and placed on a small tarp on the floor. The channel is inspected by the geologist for uniform width and depth across the sample, and to verify that the minimum sample mass is 1 kg. Samples are collected and placed into clear plastic sample bags with a sample tag, secured with a zip tie, labeled, and stored in a fenced and locked facility at the Mine, prior to being transported by SilverCrest to SGS Arizpe for analysis.

A total of 641 bulk density measurements were collected on site by SilverCrest using the water immersion method. Seventy-two (72) samples were tested by ALS Chemex (ALS) based in Hermosillo, Mexico for wax-coated bulk density to validate the on-site measurements.

In November 2018, two samples were collected and sent by SilverCrest to Geotecnia del Noroeste S.A. de C.V. based in Hermosillo, for wax coated dry bulk density testing. The bulk density ranged from 1.53 to 4.02 t/m3 with a mean value of 2.52 t/m3. A uniform mean bulk density of 2.55 t/m³ was applied to all rock types in the Mineral Resource Estimate, based on the results of the bulk density test work completed by SilverCrest and the two laboratories.

All samples collected from drilling were assayed by ALS in Hermosillo, ALS in Vancouver, BC, Canada, and Bureau Veritas Minerals Laboratories (Bureau Veritas, formally Inspectorate Labs) in Hermosillo. Check assays were performed by SGS de Mexico S.A. de C.V in Durango, Mexico (SGS Durango). These drill core samples were crushed to 75% (ALS) or 70% (Bureau Veritas) minus 2 mm, then mixed and split with a riffle splitter. A split from all samples was then pulverized to 80% (ALS) or 85% (Bureau Veritas) -75 µm. All pulverized splits were submitted for multi-element aqua regia digestion with inductively coupled plasma (ICP)-mass spectrometry (MS) detection, and for gold fire assay (FA) fusion with atomic absorption spectroscopy (AAS) detection. Samples returning assay grades >100 gpt Ag from ICP analysis were re-run using aqua regia digestion and ICP-atomic emission spectroscopy (AES) detection and diluted to account for grade detection limits (<1,500 gpt). Where Ag grades were ≥1,500 gpt, the sample was re-run using FA with gravimetric detection. During the Phase II drilling program, where gold values >1 gpt, the samples were re-run using FA with gravimetric detection, and where gold values were >10 gpt, the samples were re-run using 30 g FA with AAS detection. Samples returning grades >10,000 ppm Zn, Pb, or Cu from ICP-MS analysis were re-run using aqua regia digestion with ICP-AES finish.

SGS entered into Agreement with SGS de Mexico S.A. de C.V, a subsidiary of the global SGS SA, to design and operate a sample preparation and analytical laboratory in the nearby community of Arzipe, Mexico. The facility commenced operations and receiving grade control samples from Las Chispas in April, 2022. When fully certified, the laboratory will also serve as the primary analytical facility to support exploration activities.

SilverCrest delivered all samples collected from underground mine as channels, chips or mucks to the SGS Arizpe facility for preparation as follows: These samples were received, registered, dried at 105°C, and weighed. All samples were then crushed to 75% <2 mm, homogenized and a 500 g split generated with a riffle splitter. The 500 g split was pulverized to ≥85% <75µm (the "primary pulp"). Only channel samples collected from underground ore development headings were submitted for 34 element trace analysis, using the following procedures. A 1 g split was collected from the primary pulp and dissolved with Aqua Regia at a 3:1 ratio. The solution was analyzed using ICP-OES. Overlimits analysis using ICP-OES was conducted on samples containing >10,000 ppm Cu, Pb, and Zn.

All samples collected from the underground were submitted for gold and silver analysis by Fire Assay and Atomic Absorption Spectrometry (AAS), using method (GO_FAG37V). A 30 g split was collected from the primary pulp and fused with lead oxide flux at 1,100°C and any gold or silver in the sample was extracted into a lead button. The lead was removed by cupellation, resulting in a gold and silver bead. The dore bead was then dissolved with HCl and HNO3.

The solution was analyzed using AAS for Au with a lower detection limit of 0.01 gpt, and upper limit of 100 gpt, and Ag with a lower detection limit of 10 gpt. Samples exceeding 100 gpt Au were then tested using by Fire Assay and Gravimetric measurement, using method (GO_FAG33V). A 30 g split was collected from the primary pulp and fused with lead oxide flux at 1,100°C any gold or silver in the sample was extracted into a lead button. The lead was removed by cupellation, resulting in a gold and silver bead. The doré bead was dried and then weighed with a micro-balance. The doré bead was dissolved with HCl and HNO3. The residual solid gold was dried and measured by micro-balance using the gravimetric method with a lower detection limit of 0.5 gpt. Silver determined by difference in mass, with a lower detection limit of 10 gpt.

The quality assurance/quality control (QA/QC) program consisted of certified reference material (CRM), and blank sample insertions at a rate of 1:50 for all sample types being collected, and insertion of duplicate samples for some underground chip samples, core pulps and coarse rejects. CDN Resource Laboratories Ltd. was the source of the CRMs. The blank samples were collected from a local silica cap.

The sample preparation, analysis, and security program implemented by SilverCrest was designed with the intent to support collection of a large volume of data. Sample collection and handling routines were well-documented. The laboratory analytical methods, detection limits, and grade assay limits are suited to the style and grade of mineralization. The QA/QC methods implemented by SilverCrest enabled assessment of sample security, assay accuracy, and potential for contamination. The QP reviewed sample collection and handling procedures, laboratory analytical methods, QA/QC methods, and QA/QC program results and considers these methods are adequate to support the current Mineral Resource Estimate.

1.8 Data Verification

SilverCrest developed an extensive dataset that is saved and managed using Geospark™ management software. The QP reviewed the data compilation and audited the Geospark™ database. The QP conducted verification of the Las Chispas Operation databases for gold and silver by comparison of the database entries with assay certificates in comma-separated values (CSV) file format, obtained directly from ALS Webtrieve™. Assay data were verified for five separate datasets: Las Chispas, Las Chispas Underground, Babicanora Underground, William Tell Underground and Babi Vista.

The QP also validated the drill hole database by checking for inconsistencies in analytical units, duplicate entries, interval, length or distance values less than or equal to zero, blank or zero-value assay results, out-of-sequence intervals, intervals or distances greater than the reported drill hole length, inappropriate collar locations, survey, and missing interval and coordinate fields. A few errors were identified and corrected in the database.

The QP considers the database provided by SilverCrest to be reliable and does not consider the few minor discrepancies encountered during the verification process to be of material impact to the data supporting the Mineral Resource Estimate.

Site visits and independent sampling programs for assay data verification were completed in November 2020 and March 2022. The assay results for the independent site visit samples match closely to the SilverCrest data for both gold and silver and the QP considers the due diligence results to be acceptable.

Based upon the evaluation of the QA/QC program undertaken by SilverCrest, and the QPs due diligence sampling and database verification, it is the QP's opinion that the data are robust and suitable for use in the current Mineral Resource Estimate.

1.9 Mineral Processing and Metallurgical Testing

Mineral deposits in the Las Chispas district are classified as gold and silver, low-to intermediate sulphidation epithermal systems, typical of many deposits in northeastern Sonora and is mined using variations of longhole stoping and cut and fill mining methods via several access drifts and ramps. Ore is processed through a primary jaw crusher, SAG mill in closed circuit with hydrocyclones, cyanide leaching, Merrill-Crowe metal recovery, and tailings filtration. Following startup, the Las Chispas Operation adopted a strategy that involves a whole leach at ~1,500 mg/L CN with the flotation and concentrate leach circuits bypassed. Operating data from the whole ore leach is achieving throughput and recoveries at or above flotation & concentrate leach testwork values on similar material presented in the 2021 FS Report and demonstrated in Figure 1-1 and Figure 1-2.

The current operating strategy is providing the best economic value with gold and silver recoveries ranging from 93% to 99% and 86% to 99% with weighted averages of 98% and 97%, respectively.

Figure 1-1 resents the daily gold and silver recoveries and Figure 1-2 presents the daily tonnes processed since
January 1, 2023.

Figure 1-1: Daily Operating Gold and Silver Recoveries at Las Chispas

Source: Ausenco, 2023.

Figure 1-2: Daily Dry Tonnes Processed since January 1, 2023, Excluding Scheduled Down Days

Source: Ausenco, 2023.

1.10 Mineral Resource Estimate Summary

The Mineral Resource Estimate presented in the Report includes in-situ narrow vein gold and silver mineralization at the Babicanora and Las Chispas Areas, and gold and silver mineralization contained within run-of-mine (ROM) stockpiles and historic operations surface stockpiles.

The data cut-off dates supporting this Mineral Resource Estimate in the Babicanora Area are June 30, 2022 for the definition drilling and underground channel sample databases, July 31, 2022 for the exploration drilling database, which were used for the Indicated Mineral Resource Estimate, and March 21, 2023 for the exploration drilling database used for the Inferred Mineral Resource Estimate; whereas the cut-off date in the Las Chispas Area is October 16, 2020, due to no additional work being completed in this area since October 16, 2020. The surface stockpile estimate have a cut-off date of June 30, 2022.

The effective date of this Mineral Resource Estimate is June 30, 2022, for Measured and Indicated Mineral Resources of the vein mineralization and surface stockpiles, and March 21, 2023, for Inferred Mineral Resources.

This Mineral Resource Estimate of the Babicanora Area was undertaken with Leapfrog™ software by SilverCrest, and was independently reviewed, verified and accepted using GEOVIA GEMS™ v.6.8.2 software by P&E Mining Consultants Inc. (P&E), Brampton, Ontario. The Mineral Resource Estimate of the Las Chispas Area was performed in 2020 by Messrs. Wu and Puritch, who are independent of SilverCrest as defined in NI 43-101. The QPs are of the opinion that the supplied database is suitable for Mineral Resource estimation.

The database supporting this Mineral Resource Estimate consisted of surface drill holes, underground drill holes and underground channel and chip samples for the in-situ narrow veins in both the Babicanora and Las Chispas Areas, and surface channel and RC samples for the historic surface stockpiles. All drill hole survey and assay values are expressed in metric units, with grid coordinates reported using the WGS84, zone 12N UTM system.

The mineralized vein wireframes were interpreted and constructed by SilverCrest using Seequent Limited Leapfrog® and the QPs reviewed the vein models. Some adjustments to the wireframes were made as a result of the reviews, and the QPs consider the wireframes to reasonably represent the assay data and are suitable for Mineral Resource estimation.

In the Babicanora Area, a total of 43 unclipped wireframes were developed to represent the mineralized veins, bifurcations and splays. The Babicanora veins were modelled as true width and were not subjected to a minimum mining width. The "unclipped" solids were clipped to include mineralization areas with ≥150 gpt AgEq (where AgEq = Ag gpt + (Au gpt * 86.9)). In the Las Chispas Area, a total of eight mineralized vein wireframes were created that were constrained to a minimum thickness of 0.5 m true width. The "unclip" solids were manually clipped to include mineralized areas with ≥150 gpt AgEq (where AgEq = Ag gpt + Au gpt * 75).

A depletion wireframe model was developed to represent areas with excavations from historic mining in the Las Chispas Area and they were excluded from the Mineral Resource Estimate. All mineralized veins were clipped and removed above a topographic surface supplied by SilverCrest. The historic mined areas and internal waste zones created by SilverCrest were clipped and removed from the related vein wireframes.

Due to the nature of the narrow veins and in order to regularize the assay sampling intervals for grade interpolation, a 0.5 m compositing length was selected for the drill hole intervals that fell within the constraints of the above-mentioned vein wireframes.

Grade capping and high-grade transition analyses were undertaken on the 0.5 m composite values in the database within the constraining wireframes to control possible bias resulting from erratic high-grade composites in the database, and to maintain the high-grade local variation. The high-grade transition consists of a restrictive search ellipse and a maximum limiting composite value.

In the Babicanora and Las Chispas Areas, drill hole and channel sample log-probability plots for gold and silver composites were generated by SilverCrest for each mineralization vein to establish capping levels. The capped composites were utilized to develop variograms and for block model grade interpolation and classification.

A variography analysis was performed by SilverCrest using the gold and silver composites within each individual vein wireframe, as a guide to determining a grade interpolation search distance and ellipse orientation strategy. Continuity ellipses based on the observed ranges were subsequently generated and utilized as the basis for grade estimation search ranges, distance weighting calculations and Mineral Resource classification criteria.

A total of 641 bulk density measurements were collected on-site from drill core by SilverCrest using the water immersion method. The bulk density ranged from 1.53 to 4.02 t/m3 with a mean value of 2.52 t/m3. A uniform mean bulk density of 2.55 t/m³ was applied to all in-situ rock types in the Mineral Resource Estimate.

The block models for the Babicanora Area were constructed by SilverCrest using Leapfrog™ software. The block models for the Las Chispas Area were independently created by the QPs using GEOVIA GEMS™ V6.8.2 modelling software during the October 2020 Mineral Resource Estimate.

In the Babicanora Area, the gold and silver grade values were interpolated into the grade blocks using inverse distance weighting to the third power (ID3). A variable orientation search was utilized for all the main veins. The high-grade transition was utilized for the grade interpolation, in order to mitigate the high-grade influence.

The QPs are of the opinion that the block models of the Babicanora Area and the Las Chispas Areas are suitable for reporting a Mineral Resource Estimate.

In the Las Chispas Area, the gold and silver grade values were interpolated into the blocks using inverse distance weighting to the third power (ID3).

The Mineral Resource was classified as Measured, Indicated, and Inferred based on the geological interpretation, variogram performance and drill hole spacing. A Measured Mineral Resource was classified for the Babicanora underground sampled area only with a 10 m range extended up- and down-dip from areas with underground in-vein development samples and interpolated with both underground channel and chip samples and drill holes. An Indicated Mineral Resource was classified with at least two drill holes within a 50 m mean distance. An Inferred Mineral Resource was classified for all remaining grade blocks within the mineralized veins. ROM stockpiles which were derived from the underground vein mining were classified as Measured Mineral Resources, and the historic stockpiles were categorized as Indicated Mineral Resources. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

The following parameters were used to calculate the AgEq cut-off values that determine the underground mining potentially economic portions of the constrained mineralization:

• Ag price: $21/oz (approximate three-year trailing average as of June 30, 2022)

• Ag process recovery: 94%

• Marginal mining cost: $40/t

• Processing cost: $40/t

• G&A: $15/t.

The AgEq cut-off value of the underground Mineral Resource is calculated as follows:

• ($40+ $40+$15)/($21/31.1035 x 94%) = ~150 gpt AgEq

The AgEq cut-off value of the historic stockpiles is 110 gpt without the mining cost.

Table 1-1: Mineral Resource Estimate Statement for Depleted In-Situ Vein, ROM Stockpile and Historic Surface Stockpiles

Notes:

1. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

2. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

3. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It can be reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.

4. The Mineral Resource is estimated using the 2019 CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines and 2014 CIM Definition Standards for Mineral Resources & Mineral Reserves.

5. The effective date for Measured + Indicated estimate of the veins and stockpiles was June 30, 2022, while Inferred estimate for the veins was effective March 21, 2023.

6. Mined areas as of June 30, 2022, were removed from the wireframes and block models.

7. AgEq is based on Ag:Au ratio of 79.51:1 calculated using $1,650/oz Au and $21/oz Ag, with average metallurgical recoveries of 97.9% Au and 96.7% Ag, and 99.9% payable for both Au and Ag.

8. Mineral Resources are inclusive of the Mineral Reserves.

9. All numbers are rounded.

10. Cut-off grade (COG) used for In-situ material is 150 gpt AgEq and, for Historic stockpiles is 110 gpt AgEq. No cut-off grade was applied to ROM stockpile as it is based on material mined.

1.11 Mineral Reserve Estimate

The Mineral Reserve estimate was completed for underground mining of in-situ vein deposits at the Babicanora and Las Chispas Areas and for surface extraction of stockpiles from historical and current operations. All drilling, surveying and assay databases were provided by SilverCrest, including data up to the cut-off date of June 30, 2022 for Measured and Indicated Mineral Resources. The Mineral Reserve Estimate is provided in Table 1-2.

Table 1-2: Mineral Reserve Estimate

Notes:

1. The Mineral Reserve is estimated using the 2019 CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines and 2014 CIM Definition Standards for Mineral Resources & Mineral Reserves.

2. The Mineral Reserve is estimated with a 372 gpt AgEq fully-costed COG for the deposit and an 85 gpt AgEq Marginal COG for development.

3. The Mineral Reserve is estimated using long-term prices of $1,650/oz for gold and $21.00/oz for silver.

4. A government gold royalty of 0.5% is included in the Mineral Reserve estimate.

5. Stockpile values were provided by SilverCrest and account for approximately 7% of Mineral Reserve ounces.

6. The Mineral Reserve is estimated with a maximum mining recovery of 95%, with reductions in select areas based on geotechnical guidelines.

7. The Mineral Reserve presented includes both planned and unplanned dilution.

8. A minimum mining width exclusive of dilution of 1.5 m, 3.3 m and 0.5 m was used for the longhole, cut and fill and resue mining methods, respectively.

9. Average metallurgical recoveries applied are 96.7% Ag and 97.9% Au.

10. AgEq(gpt) = (Au(gpt) * 79.51 + Ag(gpt)). AgEq calculations consider metal prices, metallurgical recoveries, and Mexican Government gold royalty.

11. Estimates use metric units (metres (m), tonnes (t), and gpt). Metal contents are presented in troy ounces (metric tonne x grade / 31.103475).

12. The independent Qualified Person is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues, or any other relevant issue that could materially affect the Mineral Reserve Estimate.

13. Totals may not add due to rounding.

1.12 Mining Methods

1.12.1 Geotechnical Considerations

Extensive geomechanical core logging and underground mapping has been completed by SIL at the Babicanora and Las Chispas Areas using the RMR76 and Q' rock mass classification systems. Rock mass structure data has been collected through mapping in the sill drives at the BAN, BAV, and BAM veins. The rock mass quality and structural data were reviewed by KP through site visits, core photos, and complementary underground mapping.

The available data have been used to define rock mass quality domains based on spatial variability, proximity to the mineralized zone, and lithology. The typical rock mass quality is summarized in Table 1-3.

Table 1-3: Typical Rock Quality Ranges based on the RMR76 Rock Mass Classification

The available discontinuity orientation data have been used to define structural domains. The following domains reflect differences between the veins as well as several key lithologies:

• Las Chispas Area - All Veins

• Babicanora Area - LAT1 (BAC, BAM & BAS)

• Babicanora Area - LAT1 (BAN & BAV)

• Babicanora Area - SACTS (All Veins)

The defined joint sets are parallel to sub-parallel to the mineralization, cross-cut the mineralization, and are sub-horizontal. Not all of the discontinuity orientations are observed at each vein, but the general trends are similar.

The following geotechnical design input was provided to the mine plan. The design input was based on the rock mass quality and structural domains, empirical stability analyses, 2D numerical modelling, existing experience at the mine, and experience from other similar projects and mines.

• Stope dimensions and overbreak

• Dimensions for crown, sill, rib and inter-lode pillars

• Offsets and strategies for mining around voids and historic workings

• Offsets between stopes and development

• Extraction sequencing

• Strategies for temporary sill pillar recovery under sill mats

• Ground support

1.12.2 Hydrological Considerations

A hydrological and hydrogeological study was completed by HRI in 2019. Work completed included: installation of six pressure probes to measure flow elevations; water elevation measurements taken for quality control purposes in three piezometers to verify measurements taken by SilverCrest; slug testing in three piezometers; and pump tests in a stope at the base of the historic workings at Las Chispas that is filled with groundwater, and which is the only known location in the historic operations that has groundwater. Two boreholes were drilled and tested in 2021 to supply water to the operation.

There was insufficient rainfall during the monitoring period to generate any pressure variation between the six pressure probes.

Water elevation measurements indicated the presence of a perched phreatic surface considerably above the natural water table. The water table is at approximately 900 m elevation and the perched phreatic surface is at 1,032 m elevation. The perched phreatic surface does not impact the historic workings, and for the purposes of the mine plan, will not require dewatering. Pump tests indicated that the host rocks had low permeability. Based on the pump test results, a maximum flow of 9.4 L/s has been estimated at the end of operation of Las Chispas Area. There is insufficient data to determine if this flow rate will be sustained in the long-term. As a result, the mine plan in this area was designed with a dewatering system in the lower levels with a pumping capacity of 9.4 L/s; however, this pumping system will not be required until late in the mine life.

Diamond Hole database was reviewed in 2023, so is the mine plan related to groundwater elevation. Multiple faults are present in the area, but mostly above the water table elevation.

As the majority of the workings will be above the water table elevation of 900 masl, groundwater inflows are not expected to be a concern to mining operations. No impacts to surrounding perennial streams or valley bottoms are expected from mine dewatering activities, since these are typically dry other than during short-term, low precipitation rainfall events. The Rio Sonora, located 7 km west of the Las Chispas Operation, is considered too distant to be affected by any future mine-related pumping.

1.12.3 Mining Design and Schedule

The Las Chispas Operation contains mineralized zones varying in dip and thickness both along strike and at depth. While all geometries are suitably extracted using the longitudinal longhole stoping method, particular areas have been selected for cut and fill mining due to geotechnical considerations. Additionally, resue mining sees limited use to minimize dilution in high-grade narrow veins. Current site practice prioritizes longhole stoping and studies are ongoing to maximize this mining method throughout the deposit where geotechnical conditions allow it. Mining areas are accessed via three portals: the Santa Rosa, Babicanora Central, and Las Chispas Portals.

The longhole longitudinal retreat mining method is used in mining areas where areas where ground conditions are fair to good. longhole stope heights of 15 m to 18 m, as well as a maximum strike length of 25 m, were selected based on geotechnical considerations.

Variations of cut and fill mining methods include cut and fill with breasting and resuing. Cut and fill with breasting will be used in mining areas with adverse ground conditions. Resuing is used in mining areas where the vein thickness is very narrow and the additional dilution through stoping by longhole or cut and fill would bring the grade below cut-off. The level distance for cut and fill and resuing was set at 18 m to reduce the total development required.

The mine plan targets a production rate of 1,200 tpd, achieved through a ramp up in production between 2023 and 2027. Total development advance in the already established Babicanora area is limited to 30 m/d in 2023, increasing to 35 m/d in Q1 2024. Total development advance in the Las Chispas area is limited to 5 m/d for single heading advance, increasing to a total limit of 14 m/d with multiple headings.

The mine operates two 12-hour shifts per day, 365 days per year. There are three Contract development, production and maintenance crews on a schedule of 30 days working/15 days off. Contract mine staff and management are on a 20 and 10 schedule providing 7 day per week coverage while SIL mine management and the technical department mostly work 5 day per week schedules with coverage provided on weekends.

Mine services include ventilation, mine dewatering, mine water supply, power, provision of cemented rock fill, compressed air, fuel, surface and underground communications networks, explosives storage and handling, and transport for personnel and materials. All major mechanical maintenance is performed on surface at the existing workshop. Jumbos, production drills and bolters will be serviced at 3 future underground maintenance service bays. Minor maintenance and emergency work is being performed in the underground workplaces by mobile maintenance crews.

1.13 Recovery Methods

Based on the operating results, Ausenco's design for treatment of a variety of feed grades is meeting or exceeding design expectations. The Process Plant is located at the mine site and receives blended feed material from several different mineralized veins. The key process design criteria for the plant are:

• Major equipment is designed for nominal throughput of 1,250 tpd with the ability to accommodate increased throughput up to 1,750 tpd via an expansion to the comminution circuit.

• Crushing circuit availability of 70% is being achieved or exceeded at the Process Plant.

• The Process Plant includes semi-autogenous grinding (SAG), flotation, independent cyanide leaching circuits for flotation concentrate and tailings streams, Merrill Crowe circuit, Cyanide destruction and tailings handling facilities, and is achieving an overall availability of greater than the design value of 91.3%:

o SAG design values (Axb) of 41 and BWI of 19.4 kWh/t are sufficient to process future material successfully.

o Design head grades of 8 gpt Au and 800 gpt Ag with the ability to handle peak head grades of as much as 13 gpt Au and 1,300 gpt Ag are higher than required to process future material successfully.

The current operating strategy has the flotation, concentrate leach and cyanide detoxification circuit typically by-passed. The Process Plant is using the bulk leach circuit to perform a whole ore leach at ~1,500 ppm CN. Overall recoveries remain high, and weakly acid dissociable cyanide (CNwad) levels in filtered tailings seepage ponds are well below International Management Cyanide Code (ICMC) limits. The cyanide detoxification circuit has been modified to process solution to process solution or slurry and is operated as required to maintain seepage pond concentrations below the ICMC limit. Figure 1-3 presents an overall process flow diagram of the Process Plant as currently operated.

The total operating power for the Process Plant is between 3.8 and 4.6 MW depending on which circuits are being operated. Provisions were made for raw water to be supplied from the underground mine, the fresh water (storm) pond, the Sonora Valley, or any combination thereof pending availability and requirements. Wherever possible in the Process Plant, process water or barren solution is used to minimize freshwater consumption. Potable water is sourced from the sediment-free water in the raw water tanks and treated prior to distribution or shipped to site. Process Plant consumables for current operations include quick lime, sodium cyanide, lead nitrate, oxygen, flocculants, coagulant, diatomaceous earth, zinc powder, copper sulphate, anti-scalant, and flux.

Figure 1-3: Overall Process Diagram

Source: Ausenco, 2023.

1.14 Project Infrastructure

1.14.1 Introduction

Infrastructure existing for the mining and processing operations include:

• Underground mine, including portals (3), ramps and vents

• Roads: main access road, site access road, bridge crossing, borrow pit haul road, filtered tailings storage facility (FTSF) haul road, waster rock storage facility (WRSF) haul road, and explosives access road

• Diversion and collection channels, culverts, and containment structures

• Site main gate and guard house (2)

• Accommodation camp

• Power and water distribution

• Warehouse and truck shop, offices, medical clinic, and nursery

• Explosives magazines

• Process Plant

• Control room

• Doré room

• Assay laboratory (off-site facility)

• Reagent storage facilities

• Water treatment plant

• Mineralized stockpiles and WRSFs

• Filtered tailings storage facility (FTSF)

• Nuclear devices storage facility

• Hazardous waste interim storage facility

• Exploration core shacks.

Figure 1-4 shows the site layout.

Figure 1-4: Site Layout

Source: Ausenco, 2023.

1.14.2 Waste Rock Storage Facility

The two waste rock storage facilities (WRSF#1 and #2) have a combined capacity of approximately 1.0 Mt and are expected to be sufficient as temporary facilities to store development waste before returning it to be used as rock fill in mined-out stopes.

1.14.3 Ore Stockpiles

The mineralized material stockpiles have a capacity of approximately 0.35 Mt with segregated piles by grade (or clay content). These ore stockpiles are located west of the crusher.

1.14.4 Filtered Tailings Storage Facility

A filtered tailings storage facility (FTSF) was adopted based on the mine plan, limited available construction materials, and to avoid risks associated with storage of conventional slurried tailings behind a dam. Tailings are thickened, filtered, and delivered by trucks to the FTSF. Two facilities were designed to store approximately 4.5 Mt of tailings. The East FTSF has been designed with a capacity to store up to 3.1 Mt of filtered tailings. Given the current estimated production for the LOM, approximately 150 to 200 kt of filtered tailings are projected be stored in the West FTSF, which will be constructed towards the end of the LOM.

The facilities were designed with an overall slope of 2.8:1 (H:V), slope between benches of 2.2:1 (H:V), and maximum approximate height of 56 m (measured from the lowest portion of the starting buttress to the maximum elevation of the dry stack). The existing East FTSF is located 530 m northeast of the Process Plant and covers an area of approximately 101,932 m2.

The FTSF designs include contact water collection channels, contact water collection/storage ponds, sub-drain collection systems, and access roads. Non-contact water diversion channels have been constructed to reduce the amount of surface contact water generated from the FTSF area.

1.14.5 Power and Fuel

Electrical power is supplied to site from the national grid, by way of an overhead power line, rated to carry 8.5 MVA at 33 kV. Connection to the grid is via the Nacozari de Garcia substation, which is 83 km from the operation.

Diesel fuel requirements for the mining equipment, process and ancillary facilities is temporarily supplied by a contractor. The permanent distribution systems located near the Process Plant are constructed and will be used when the necessary permits have been received.

1.14.6 Camp

The Las Chispas Operation is equipped with an accommodation camp with a capacity of 500 beds. The camp is connected to the national electricity grid and equipped with an emergency genset capable of handling the entire electrical load. The camp is serviced by the potable water treatment plant and sewage treatment plant. Garbage is collected on site and disposed at the Arizpe municipality waste disposal facility.

All rooms are single occupancy and include a bed, toilet, air heating/conditioning and shower. The camp is equipped with kitchen and dining facilities to support the 24-hour operation, laundry, maintenance camp shop, and snack area. The camp also includes a gym, a multifunction sport field, a recreation facility, barbecue area, and a chapel.

1.14.7 Water Management

Water required for the Las Chispas Operation is supplied as groundwater from dewatering of the underground mine and or from the Sonora Valley groundwater, as required. The Las Chispas Operation design includes water diversion features to divert precipitation and groundwater away from operation infrastructure and direct it to natural receiving streams to minimize the generation of contact water. The layout also includes water collection ponds to collect any contact water that is produced, and to store any excess water from the underground workings such that it can be recycled for use in the Process Plant. There is not expected to be any water discharged from the Las Chispas Operation.

1.15 Market Studies and Contracts

The doré bars produced at the Las Chispas Operation have variable gold and silver contents and a variable gold to silver ratio, depending mainly on the corresponding gold and silver grades of the feed material being processed at any given time. Over the projected LOM, the metal content is expected to be 0.5%-1.5% gold and 85%-95% silver with the balance impurities. During 2022, SilverCrest has engaged with gold and silver buyers and refiners, and made the necessary arrangements to safely transport, refine, and sell the doré.

Gold and silver doré can be readily sold on many markets throughout the world and the market price ascertained on demand.

Metal pricing for financial analysis was agreed upon based on consideration of various metal price sources. This included review of consensus price forecasts from banks and financial institutions, three-year trailing average of spot prices, and current spot prices. The metal pricing for the base case economic model was:

• Gold price of $1,800/troy oz payable

• Silver price of $23.00/troy oz payable.

At the Report Effective Date, the Company has entered into contracts necessary for operating Las Chispas. These contracts and agreement include, but are not limited to, contracts for drilling, underground mining, explosives, power, supply of consumables, catering and camp management, security, personnel transportation, and refining. These contracts are reviewed and negotiated periodically to ensure they remain competitive and aligned within industry norms for projects in similar settings in Mexico.

1.16 Environmental Studies, Permitting and Social or Community Impact

1.16.1 Environmental Considerations

Environmental studies pertaining to the Las Chispas Operation have been submitted to the Ministry of Environmental and Natural Resources of Mexico (SEMARNAT), including physical and biological evaluations of the surrounding climate, flora, fauna, air quality, noise, and surface and groundwater quality. This information is updated and reported annually. In addition, a physical climate risk assessment aligned with the Task Force on Climate-Related Financial Disclosures (TCFD) was conducted in 2021 in order to assess and understand key risks.

LLA is conducting a comprehensive rock quality characterization study with the intent to assess the potential for acid rock drainage and metal leaching in the waste rock. Samples chosen based on the deposit's lithological characteristics are being processed by SGS Lakefield Canada, and the analysis will be performed by a specialized consultant, with preliminary results due in 2023. This work will complement studies already completed which concluded on low concentration of potentially leachable metals and no acid rock drainage (ARD).

There are no known environmental liabilities at the Las Chispas Operation arising from historic mining and processing operations. Since 2019 LLA has been conducting environmental characterization studies on soil and water, initially in the baseline study reported to SEMARNAT and subsequently periodically as part of the monitoring program. No environmental liabilities have been identified.

1.16.2 Permitting Considerations

LLA has successfully fulfilled the SEMARNAT's requirement for a suite of studies to support the award of environmental permits for the exploration, construction, and operation of the Las Chispas Operation. LLA secured all key permits, ensuring legal and environmental compliance for the Las Chispas Operation, including exploration, construction, exploitation stages, water use, change of land use, waste generation, emissions, and Process Plant.

A medium voltage power transmission line, authorized by SEMARNAT for positive environmental impact, was developed and went operational in April 2022. The "Tetuachi" bridge was designed and constructed in 2021 to ensure safe crossing over the Sonora River during the rainy season, with CONAGUA's approval.

LLA has a concession to exploit and use national groundwater for industrial mining use, granted by CONAGUA in October 2020, and valid for 10 years (renewable). LLA also operates under a closed-circuit design for the Process Plant that eliminates the need for a wastewater discharge permit. LLA has a hazardous waste management plan registered with SEMARNAT.

LLA also maintains a general permit granted by SEDENA for the purchase, use, and storage of explosives., with plans for an increase in purchasing and storage capacity. Finally, the environmental operating license, secured from SEMARNAT in September 2022, permits operations at the Las Chispas Operation, integrating all previously obtained permits. Granted permits have varying terms, ranging from one year to unlimited terms. All permits will be renewed as required.

1.16.3 Environmental Management Plans

LLA conducts a comprehensive Environmental Monitoring Program at the Las Chispas Operation, which includes routine studies on environmental noise, air quality, ground and surface water quality, drinking water analysis, and heavy metals in sediments, with annual reports presented to SEMARNAT. The Water Management Plan ensures efficient use of water resources by monitoring extraction and consumption and avoids wasteful discharge practices. A third-party specialist is working on updating the water balance to improve resource optimization. The Air Quality Management Plan includes a mitigation program for suspended dust caused by traffic, with measures like quarterly dust sampling, road irrigation, speed control, and preventive maintenance for mobile equipment, all being reported to SEMARNAT.

1.16.4 Waste Considerations

The Las Chispas Operation has been registered with SEMARNAT as a hazardous waste generator since 2019. A warehouse on site is maintained for the management and disposal of waste, including that produced by contractors, with waste disposal handled by SEMARNAT-authorized suppliers. LLA is also registered with the Commission of Ecology and Sustainable Development of the State of Sonora (CEDES) as a generator of special handling waste (non-hazardous), which is subject to recovery or recycling and is removed by state-authorized companies. LLA submits biannual reports to CEDES on the generation and disposal of this waste. All greywater from Las Chispas Operation's camp and office facilities is channelled to a wastewater treatment plant, with up to 90 m3 treated per day; this treated water is used for road irrigation to suppress dust and greening reforested areas.

1.16.5 Social and Community Considerations

The Sonora Valley is an isolated community set in a region of rugged topography. As of March 2023, the Las Chispas Operation personnel consisted of 908 personnel (327 employees of Llamarada and 581 contractors). 15% of the personnel were local to the Sonora Valley and 99% of the total number were from various parts of Mexico. There are four main ejido groups that SilverCrest have been actively engaging with, three of which will be impacted by mining operations (Ejido Bamori, Ejido Arizpe, and Ejido Sinoquipe) and the fourth (Ejido Los Hoyos) is impacted by the Los Hoyos Powerline. Community engagement and relationship management play a crucial role in SilverCrest's operations. As such, constant dialogue is maintained, and regular meetings held with the communities within the areas of influence including the four main ejido groups. Impacts to Indigenous populations were examined. There are no indigenous populations located within 10 km of the Las Chispas Operation.

A Social Baseline Study and a Materiality Assessment highlighted key concerns within the community including water scarcity, environmental safety, local infrastructure, and job opportunities. SilverCrest has established a community communication strategy and grievance mechanism in response to these concerns and has committed $1.5 million to improving local water infrastructure over five years (2022 - 2026). Furthermore, the Company is part of the Sonoran Mining Cluster, sharing best practices on community relations and responsible mining.

The Company is one of the main sponsors of Impulso Koria, a non-profit organization focusing on local infrastructure, education, and healthcare. In addition, SilverCrest has incorporated a ranching business, Babicanora Agrícola del Noroeste S.A de C.V (BAN), underlining their participation in the local economy and commitment to the local communities.

1.16.6 Closure Considerations

A Conceptual Closure Plan was prepared in general accordance with applicable Mexican standards and WSP's experience with similar projects. Under Mexican law, mining may be initiated under a Conceptual Closure Plan with a Detailed Closure Plan being developed later in the operation's life.

WSP prepared a conceptual closure cost estimate for the Las Chispas Operation, using a combination of information derived from the 2021 FS Report, drone imagery of existing facilities and landforms, information from the Detailed Engineering Phase 1 FTSF Design, a database of itemized costs from local contractors working on similar projects in the area, and assumptions derived from WSP's experience in mine closure. The estimated cost is approximately $6.8 million. Closure costs are assumed to be incurred over a period of approximately three years, following the cessation of production and a subsequent period of seven years of monitoring.

1.17 Sustaining Capital and Operating Costs

1.17.1 Sustaining Capital Cost Estimates

LOM sustaining capital costs total $219.9 M, which are detailed as per Table 1-4.

Table 1-4: LOM Sustaining Capital Cost Summary ($M)

1.17.2 Reclamation and Closure Cost Estimates

An allowance of $6.8 M was made for closure costs with spending scheduled to occur across the three years following the cessation of production. Any change in regulations that would require SilverCrest to undertake progressive closure, or to post a cash bond, would affect the timing of these cash flows.

No salvage value was assumed for the Process Plant and surface infrastructure. It has also been assumed that CFE would accept ownership of the power line which is common in Mexico.

1.17.3 Operating Cost Estimate

The average LOM operating cost is estimated at 168.18 $/t processed. The operating cost is defined as the total direct operating costs including mining, processing, and G&A costs. Mining costs are estimated to be 99.59 $/t processed (108.04 $/t mined). Tonnes of material to be processed includes mined ore that is already in stockpiles. Table 1-5 shows a summary breakdown of the operating costs.

Table 1-5: Operating Cost Summary

Notes: *Includes stope development but excludes capitalized underground development. Total may not add due to rounding.

1.18 Economic Analysis

A pre- and post-tax economic analysis was completed on the basis of a discounted cash flow model featuring a 5% discount rate. The analysis used constant (real) Q1 2023 US$ and the Las Chispas Operation cash flows were modelled in annual periods.

The model assumed a production period of eight years, including 2023-2030. It should be noted that the average Process Plant throughput of 1,200 tpd is limited by the mining rate not the Process Plant design which is 1,250 tpd.

The economic model was based on a gold price of $1,800/oz and a silver price of $23.00/oz. The refining terms used as the basis of the economic analysis are based on actual average cost paid by SilverCrest with its third-party refiner. The freight terms are also based on actual rates.

The taxable income was estimated using a tax rate of 30% over the LOM.

The economic analysis demonstrates that the mine plan has positive economics under the assumptions used. The Las Chispas Operation post-tax (NPV) at a 5% discount rate is estimated to be $549.9 M. A summary of the economic analysis of the Las Chispas Operation is shown in Table 1-6.

Table 1-6: Economic Analysis Summary

The Las Chispas Operation is most sensitive to metal pricing and recovery/grade. Grade sensitivity mirrors the sensitivity to metal prices.

1.19 Interpretation and Conclusions

Under the assumptions and parameters discussed in the Report, the Las Chispas Operation shows positive economics.

1.19.1 Risks

1.19.1.1 Mineral Resource Estimate

The drill sample spacing varies by vein and the classification of Mineral Resource Estimate was assigned based on the level of confidence based on drill core sample spacing and grade variability. Risk is associated with all classifications of Mineral Resource Estimate, most particularly with the Inferred Mineral Resource Estimate.

There is a risk that the Mineral Resource Estimate wireframes (>150 gpt AgEq) may be moderately high biased with respect to the representative volume, and subsequent estimated tonnage and metal content. This potential bias could be where the wireframes extend somewhat too far into lower-grade (<150 gpt AgEq) assay areas of influence. A follow-up rolling reconciliation is recommended to allow for any mine call factor adjustments to be made in these lower-grade areas.

Localized extremely high-grade samples were encountered in drill core sampling as part of the mineralization system. Locally, this represents a risk in the accuracy of grade estimation for Mineral Resource and subsequent Mineral Reserve estimation, and to operational grade control.

Where only widely spaced sampling is available, the spatial extent of the high-grade mineralization may be uncertain. This risk can be reduced through future close-range sampling to delineate high-grade shoots within the vein systems, thereby allowing the highest-grade material to be sub-domain to constrain spatial influence of these samples within delineated shoots. Closely spaced pre-production definition drilling in combination with duplicate sampling protocols for high-grade samples should be implemented to mitigate excessive extrapolation of high-grade values and to inform the local, short-range, grade variability.

1.19.1.2 Mineral Reserve Estimate and Mine Plan

General factors that may affect the Mineral Reserve Estimate include adjustments to gold price and exchange rate assumptions; changes in operating and capital cost estimates; dilution adjustments; changes to geotechnical assumptions, changes to hydrogeological and underground dewatering assumptions; and changes to modifying factor assumptions, including mining recovery and dilution.

There is a known open stope area in the Babicanora Central Zone. This area could cause recovery problems because although the general area is known, the exact size and geometry of the open stope is not appropriately defined. To mitigate the possible impact of this risk, all mining within 10 m of the known void have been removed from the plan, and test hole drilling cost estimates were included in the costing of this area.

SIL has established access to the historic workings in the Las Chispas area and has created a 3D model of the extensive workings using digitized historic long sections. However, there remains considerable uncertainty in the position of some of the voids. It is recommended that surveys be completed to confirm the void position and geometry prior to further mining. Probe drilling will also be required on advance during development near potential voids.

1.19.2 Opportunities

1.19.2.1 Exploration and Mineral Resources

Several potential opportunities have been identified for expansion and increasing confidence of existing Mineral Resources, in addition to brownfields exploration to test mapped targets along vein strike and to depth.

The most significant upside is the potential for conversion of existing Inferred Mineral Resources to Indicated Mineral Resources with additional drilling, and the exploration potential to identify and support new Inferred Mineral Resources.

Inferred Mineral Resources are estimated at 1.3 Mt grading 3.73 gpt Au, and 269 gpt Ag, or 566 gpt AgEq, for 24.1 Moz AgEq. There are approximately 15 Moz over 500 gpt AgEq with sufficient mining width, close to surface, and in proximity to current or planned underground workings, of which 10 Moz AgEq will be targeted immediately for drilling to assess conversion into Indicated Resources. The majority of these Mineral Resources are located in the Babi Sur Main and FW, El Muerto Splay and the Babicanora Norte Vein NW Extension. Significantly, Inferred Resources targeted within the Babi Sur Zone include 144 kt containing 4.86 Moz AqEq with a grade of 1,050 gpt AgEq (8.46 gpt Au and 378 gpt Ag) using a cut-off of 500 gpt AgEq.

The Las Chispas Operation has significant brownfields exploration potential. There are over 23 km in strike of underexplored veins throughout the property that have been identified on surface through mapping and sampling programs. These areas include the Chiltepin Area, La Martina, Las Chispas Southeast, Ranch Vein, and La Victoria Vein.  There are also several blind veins and structures that have been tagged through various drill programs including potential vein expansion to depth along several of the currently known zones. Future drilling should focus on step-out drilling within the known mineralization zones and testing deeper host lithologies, parallel veins and newly identified areas that had limited historical workings.

1.19.2.2 Process Plant Capacity and Plant Expandability

The Process Plant design was for 1,250 tpd and the LOM has now been set to 1,200 tpd.

If the mine capacity or ramp-up progress is better or faster than what has been planned in the Report, there is capacity in the Process Plant to go beyond the design of 1,250 tpd as the Process Plant has been tested at milling rate of 62 tph and availability above 94%.

There is also the possibility to expand the Process Plant up to 1,750 tpd with the completion of studies and engineering to review the crushing, grinding, flotation, leaching and dewatering circuits.

1.19.2.3 Mineral Reserve Estimate and Mine Plan

The design of the LOM was completed at a level of detail sufficient for inclusion in this Report. The LOM plan will be used to form the basis of future detailed design and schedule.  As with any LOM, there exists an opportunity to further improve the mine design and schedule in terms of detailed design, especially with due regard to integration of services, layout of development, design of stopes and geomechanics.

1.20 Recommendations

A sequential phase approach is presented for recommended future work. The following is the budget for the recommended Phase 1 (Year 1) and Phase 2 (Years 2 and 3) work.

Phase 1 recommendations account for $15 M. Of this amount, a budget of $10 M has already been approved starting in July 2023 for a period of 9 months. The balance is expected to be reviewed with the 2024 budget cycle. The targets for this program are highlighted in Table 1-7.

Table 1-7: Summary of Budget for Recommended Phase 1 and Phase 2

Note: Numbers may not add due to rounding.

2 INTRODUCTION

2.1 Introduction

SilverCrest Metals Inc. (SilverCrest or the Company) commissioned Ausenco Engineering Canada Inc. (Ausenco) to compile an Operating Technical Report (the Report) on the Las Chispas Operation (the Las Chispas Operation), located in Sonora, Mexico. The effective date (the Effective Date) of the Report is July 19, 2023.

This Report has been prepared for SilverCrest to conform to the regulatory requirements of Canadian National Instrument (NI) 43-101 using the form 43-101 F1 Standards of Disclosure for Mineral Projects.

The responsibilities of the engineering companies contracted by SilverCrest to prepare this Report are as follows:

• Ausenco managed and coordinated the work related to the Report, reviewed the metallurgical test results, Process Plant operating performance and cost estimates for the Process Plant infrastructure, general site infrastructure, and economic analysis.

• Ausenco Sustainability Inc. conducted a review of the environmental studies and permitting information for the Las Chispas Operations.

• BBE Group Canada (BBE) completed the underground mine ventilation design, including capital cost inputs for fixed installation fans, auxiliary fans for ramp development, mobile refuge bay installations and bulkheads for emergency escapes.

• Entech Mining Ltd. (Entech) developed the Mineral Reserve Estimate, the mine design, mine production schedule, and mining costs including capital development and mine operating costs.

• Hydro-Ressources Inc (HRI) completed a review of the site hydrological data.

• Knight Piésold Ltd. (KP) completed geotechnical studies.

• P&E Mining Consultants Inc. (P&E) completed the work related to property description, accessibility, local resources, geological setting, deposit type, exploration work, drilling, exploration works, sample preparation and analysis, data verification and the Mineral Resource Estimate

• WSP Canada Inc. completed the design for process water, electrical systems, mine dewatering, underground fuel distribution and other underground services, and provided capital cost inputs for process water, mine dewatering, compressed air, electrical systems and communications.

• WSP USA Inc. completed the site wide water balance and developed the design and cost estimate for the tailings storage facility.

2.2 Terms of Reference

The Report supports disclosures by SilverCrest in the news release dated July 21, 2023, titled, "SilverCrest Announces Results of Updated Independent Technical Report".

The firms and consultants who are providing Qualified Persons (QPs) responsible for the content of the Report are, in alphabetical order, Ausenco Engineering Canada Inc. and Ausenco Sustainability Inc. (Ausenco), BBE Group Canada (BBE), Entech Mining Ltd. (Entech), Hydro-Ressources Inc. (HRI), Knight Piésold Ltd. (KP), P&E Mining Consultants Inc. (P&E), WSP Canada Inc. and WSP USA Inc.

The Report presents Mineral Resource and Mineral Reserve Estimate for the Las Chispas Operation, and an economic assessment based on ongoing underground mining operations and a conventional processing circuit that is producing gold-silver doré bars.

All units of measurement in the Report are metric, unless otherwise stated.

The monetary units are in US dollars, unless otherwise stated.

Mineral Resources and Mineral Reserves are reported in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (May 2014; the 2014 CIM Definition Standards) and Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines (November 2019).

2.3 Qualified Persons

The following serve as the qualified persons for this Technical Report as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects, and in accordance with Form 43-101F1:

Table 2-1: Report Contributors

2.4 Site Visits and Scope of Personal Information

Mr. Murray, representing Ausenco, completed a site visit from March 14-16, 2023. The objectives of the site visit were to develop an understanding of the Las Chispas Operations including plant infrastructure and process facilities, and to observe actual operations and operating results.

Mr. Verreault, representing HRI, conducted a site visit from November 10-12, 2020. The objectives of the visit were to observe the following aspects: 1) general layout at site, 2) underground veins and geological structures, 3) surface hydrology, 4) current pump testing situation and 5) general geology. Meetings were held with various SilverCrest technical staff members to discuss basin tectonics, structural geology including veins and other discontinuities, overall geology and historic water records.

Dr. Preciado, representing WSP, conducted a site visit from March 7-10, 2022. The purpose of this visit was to oversee the geomembrane installation and construction of the filtered tailings storage facility (FTSF), meet with SilverCrest's environmental and construction team, meet with WSP's construction supervisors, review construction quality assurance and as-built information available at the time of the visit.

Mr. Burga, representing P&E, conducted a site visit from March 12-14, 2022. The purpose of this visit was to complete sampling of selected drill holes for assay data verification, check the location of select surface drill collar collars, complete an underground tour, and meet with SilverCrest technical staff on-site. Thirty-two (32) samples were collected from 16 drill holes during the site visit for verification of the assay data.

Mr. Peacock, representing KP, conducted a site visit from March 29 to April 1, 2022 and again from November 29 to December 2, 2022. The objectives of the visits were to become familiar with the mine, rock mass characteristics, and operating practices, and to provide training to SilverCrest geotechnical personnel.

Mr. Langlais, representing Entech, conducted a site visit from July 10-12, 2023. The purpose of this visit was to inspect the underground mine and confirm the suitability of all assumptions used in the design and scheduling of the LOM.

2.5 Effective Dates

The Report has a number of effective dates as follows:

• Date of information on mineral tenure, surface rights and agreements: May 15, 2023

• Indicated and Measured Mineral Resource Estimate: June 30, 2022

• Inferred Mineral Resource Estimate: March 21, 2023

• Mineral Reserve Estimate: June 30, 2022

• Financial analysis: July 19, 2023

The overall Effective Date of the Report is the effective date of the financial analysis which is July 19, 2023.

2.6 Information Sources and References

Report and documents listed in Section 2.7, Section 3, and Section 27 were used to support the preparation of the Report. Additional information was sought from SilverCrest personnel where required.

2.7 Previous Technical Reports

SilverCrest has previously filed the following technical reports on the Las Chispas Operation:

• Kalanchey, R, Weston, S., Stone, W., Puritch, E., Burga, D., Barry, J., Wu, Y., Turner, A.J., Michaud, C., Verreault, M., Aref, K., and Preciado, H., 2021, NI 43-101 Technical Report & Feasibility Study on the Las Chispas Proiect, Sonora, Mexico,. for SilverCrest Metals Inc., Effective date: January 4, 2021;

• Barr, J., Ghaffari, H., and Horan, M., 2019: Technical Report and Preliminary Economic Assessment for the Las Chispas Property, Sonora, Mexico: report prepared by Tetra Tech Canada Inc. for SilverCrest Metals Inc., effective date May 15, 2019, amended July 19, 2019;

• Barr, J., and Huang, J., 2019: Technical Report and Mineral Resource Estimate for the Las Chispas Property, Sonora, Mexico: report prepared by Tetra Tech Canada Inc. for SilverCrest Metals Inc., effective date February 8, 2019.

• Fier, N.E., 2018: Technical Report and Updated Mineral Resource Estimate for the Las Chispas Property, Sonora, Mexico: report prepared for SilverCrest Metals Inc., effective date September 13, 2018;

• Barr, J., 2018: Technical Report and Mineral Resource Estimate for the Las Chispas Property, Sonora, Mexico: report prepared by Tetra Tech Canada Inc. for SilverCrest Metals Inc., effective date February 12, 2018, amended May 9, 2018; and,

• Barr, J., 2016: Technical Report on the Las Chispas Property, Sonora, Mexico: report prepared by Tetra Tech Canada Inc. for SilverCrest Metals Inc., effective date September 15, 2016.

2.8 Units and Abbreviations

Table 2-2: Unit Abbreviations

Table 2-3: Name Abbreviations

Table 2-4: Definitions

2.9 Reporting of Grades by Silver Equivalent

SilverCrest has reported AgEq calculated on an Ag:Au ratio of 86.9:1 in several recent news releases, based on contemporaneous understanding of metal recoveries and the prevailing long term metal price trends. Due to variations in metal prices and improved understanding of metal recoveries, the AgEq ratio has varied since the 2021 FS Report. Unless otherwise stated the AgEq presented in this Report has been determined using an Ag:Au ratio of 79.51:1, as calculated based on long-term gold and silver prices of $1,650/oz Au and $21.00/oz Ag, metallurgical recovery values of 98% Au/97% Ag, and assuming applicable smelter charge and royalty of 0.5% for both gold and silver. The Mineral Resource Estimate, Mineral Reserve Estimate and the Economic Analysis have been developed using values from Au and Ag grades; AgEq is used only for reporting purposes.

3 RELIANCE ON OTHER EXPERTS

3.1 Introduction

The QPs have relied upon the following other expert reports, which provided information regarding mineral rights, surface rights, property agreements, royalties, taxation, and marketing sections of the Report.

3.2 Mineral Tenure and Surface Rights

The QPs have not independently reviewed ownership of the Las Chispas Operation and any underlying mineral tenure, and surface rights. The QPs have fully relied upon information derived from SilverCrest and legal experts retained by SilverCrest for this information through the following document:

• Urias Romero y Asociados, S.C., 2023: Legal Opinion: May 15, 2023.

This information is used in the summary in Section 1, and in Section 4, Property Description and Location, of the Report. It is also used to support the Mineral Resource Estimate in Section 14, the Mineral Reserve Estimate in Section 15, and the economic analysis in Section 22.

3.3 Environmental

The QPs have not independently reviewed environmental baseline, permitting, and social information for the Las Chispas Operation. The QPs have fully relied upon information derived from SilverCrest and experts retained by SilverCrest for this information through the following documents:

• ALS, 2019; Waste Rock Samples Analytical Reports, prepared for Altadore Energía, S.A. de C.V., November 2019, Hermosillo, Sonora, Mexico.

• ALS, 2020; Tailings Samples Analytical Reports, prepared for Tinto Roca Exploración S.A. de C.V, March 2020, Hermosillo, Sonora, Mexico.

• Ontiveros A, 2019; Various Reports on Surface Water Quality Results from Sampling Points Located Upstream and Downstream from the Mine Project, prepared for Compañía Minera la Llamarada S.A. de C.V and Altadore Energía, S.A. de C.V., Hermosillo, Sonora, Mexico.

• SGS, 2020a; Modified Acid Base Accounting & Net Acid Generation Testing Results on Various Rock Core Samples from the Babicanora Central, Babicanora Norte, Babicanora Sur, Babi Vista, William Tell, and Las Chispas Mining Areas, Report prepared by SGS Minerals Services for SilverCrest Metals Inc., Project 17337-1, January 2020, Lakefield, Ontario, Canada.

This information is used in Section 20 of the Report. It is also used to support the Mineral Resource Estimate in Section 14, the Mineral Reserve Estimate in Section 15, and the economic analysis in Section 22.

3.4 Market Studies and Contracts

The QPs have fully relied upon information supplied by SilverCrest for information related to market assumptions as applied to the financial model. This information is used in support of the marketing assumptions presented in Section 19 and the financial analysis discussed in Section 22. To some extent, this information was also included in the estimation of the Mineral Reserve Estimate, detailed in Section 15.

The QPs consider it reasonable to rely upon the information provided by SilverCrest for gold and silver doré marketing and marketing assumptions, especially given the ongoing Las Chispas Operations and existing contracts and agreements in place.

• Lafleur, C. of SilverCrest (2023) Email titled Economic Market Assumptions, to T. Hassan et. al., April 26, 2023.

• Lafleur, C. of SilverCrest (2023) Email titled Technical Report Metal Prices for Reserve and Resource Cut Off Grade, to T. Hassan et. al., January 5, 2023.

3.5 Taxation

The QPs have fully relied upon information supplied by SilverCrest's Sarahy del Rosario Moreno Acosta, Senior Tax Manager based in Mexico for information related to taxation assumptions used in support of the economic analysis discussed in Section 22.

4 PROPERTY DESCRIPTION AND LOCATION

4.1 Introduction

The Las Chispas Property (Figure 4-1) is located in the State of Sonora, Mexico, at approximate 30.233902°N latitude and 110.163396°W longitude (Universal Transverse Mercator [UTM] World Geodetic System [WGS]84: 580,500E, 3,344,500N), within the Arizpe Mining district. The City of Hermosillo is approximately 220 km, or a three-hour drive to the southwest; Tucson, Arizona is approximately 350 km via Cananea, or a five-hour drive, to the northwest; and the community and Cananea Mine are located approximately 150 km, or a two-and-a-half-hour drive, to the north along Highway 89. The general topography of the area surrounding Las Chispas is shown in Figure 4-1. A location map for the Property is shown in Figure 4-2. The Property area is covered by the 1:50,000 topographic map sheet "Banamichi" H12-B83.

4.2 Project Ownership

Compañía Minera La Llamarada S.A. de C.V. (LLA) is a subsidiary of SilverCrest holds title to the mining concessions comprising the Las Chispas Property.

Figure 4-1: View Looking Eastwards Across the Las Chispas Property

Source: Tetra Tech Canada Inc., 2019. Note: Length of field of view in photograph is approximately 4 km.

Figure 4-2: Regional Location Map of the Las Chispas Property

Source: Barr et al., 2019.

4.3 Mineral Tenure

The Las Chispas Property consists of 28 mineral concessions, totalling 1,400.96 ha, as shown in Figure 4-3 and listed in Table 4-1. LLA, has acquired 100% title to the mining concessions comprising the Las Chispas Property, except for the Lopez, La Fortuna (untitled claim) and Panuco II (pending final cancellation) mining concessions.

Figure 4-3: General Map Showing Mineral Concessions and Surface Rights for Las Chispas Property

Source: SilverCrest, 2023.

Table 4-1: Mineral Concessions held by SilverCrest for the Las Chispas Property1

Notes:

1. As of May 15, 2023, Date of the Opinion for Las Chispas by Urias Romero Y Asociados, S.C., for SilverCrest.

2. The application for a mining concession is filed and currently under review by the Mining Authority.

3. Legal recourse pending (Section 4.4.3).

Mining duties are based on the surface area and date of issue of each concession and are due in January and July of each year at a total annual cost of approximately $10,000 (adjusted scale). At the Report Effective Date, all required mining duties were paid.

4.4 Mineral Reserves on Mining Concessions

All Mineral Reserves stated in the Report are on mining concessions 100% owned by LLA with no NSR applied. In Table 4-1, all mining concessions are 100% owned by LLA except for those noted and described below.

4.4.1 Option 1

On February 21, 2018, LLA acquired from Minerales Tarachi, S. de R.L. de C.V. an option to purchase the rights to the La Fortuna mining concession applications No. 082/39410 and 082/38731, which cover the Panuco II and Carmen Dos Fracción II mineral lots on payment of MXP500,000 (paid) and $150,000 payable on acquisition of title by LLA (Title Opinion dated May 15, 2023). Title transfer of concessions are pending until the applications are issued as mining concessions.

4.4.2 Option 2

On January 10, 2017, Pedro Antonio Goya Espina and Eliseo Espina Guillen, acting as Assignors, and LLA, acting as Assignee, signed certain Partial Assignment of Mining Concession Agreement for transfer to the Assignee of 67% title to the Lopez mining concession. Acquisition by LLA of 67% title to the Lopez concession is subject to a condition precedent consisting in the exercise or relinquishment of right of first refusal of owner of remaining 34% title.

4.4.3 Option 3

On December 1, 2018, LLA acquired 100% rights to Panuco II, pending title for ownership. This concession was cancelled in 1999 but, by law, a public notice of cancellation was not announced, therefore, a legal recourse for reinstatement was filed by LLA. Final cancellation of concession is pending as of Title Opinion dated May 15, 2023.

All Mineral Reserves stated in the Report are on mining concessions 100% owned by LLA with no NSR applied.

4.5 Surface Rights

The surface rights overlying the Las Chispas mineral concessions and road access from local highway are either owned by LLA or held by LLA under a negotiated 20-year lease agreement. Surface rights are sufficient for the life of mine plan and include the locations of necessary infrastructure as presented in the Report.

4.5.1 Ejido Bamori

On November 18, 2015 (as amended June 3, 2018), LLA signed a 20-year lease agreement with the Ejido Bamori for surface access and use of facilities. Compensation for exploration activities was paid at a rate of MXN700/ha, up to a total of 360.60 ha. After exploration and announcement of mine construction/production, compensation was paid on a scaled timeframe at a rate of MXN2,000/ha during construction and will continue for Years 1 to 4 of production. After the fifth production year to the end of the mine life the compensation will be MXN4,000/ha. In April 2019, LLA expanded its Ejido Bamori surface rights from 360.6 ha to 400 ha.

4.5.2 Cuesta Blanca Ranch

In February 2018, LLA purchased the Cuesta Blanca Ranch covering 671.9 ha of land situated in the municipality of Arizpe, Sonora.

4.5.3 Babicanora Ranch

In April 2017, LLA purchased from Maprejex Distributions Mexico, S.A. de C.V. the Babicanora Ranch covering 2,500 ha of land situated in the municipality of Arizpe, Sonora.

4.5.4 Tetuachi Ranch

In November 2017, LLA signed a lease agreement for a term of 20 years with Maria Dolores Pesqueira Serrano for the lease of the Tetuachi Ranch covering 32.3 ha of land situated in Arizpe, Sonora, for payment of an annual rental fee of MXN2,000/ha during the exploration phase and MXN7,000/ha during the exploitation phase.

4.5.5 La Higuerita Ranch

On February 2, 2023, LLA purchased the La Higuerita Ranch situated in the municipality of Arizpe, Sonora.

4.6 Royalties

A 2% royalty is payable to Gutierrez-Pérez-Ramirez, on the Nuevo Lupena and Panuco II concessions for material that has processed grades of ≥0.5 oz per tonne gold and ≥40 oz per tonne silver combined (Title Opinion dated May 15, 2023). Currently no Mineral Reserves are estimated within these concessions.

4.7 Permitting Considerations

Permitting considerations for operations are discussed in Section 20.

4.8 Environmental Considerations

Environmental considerations for operations are discussed in Section 20.

Remnants exist on the Las Chispas Operation that show the active mining history and community development that once existed in this district. There are numerous historic mine portals and shafts that are partially overgrown with vegetation, which have been flagged and/or fenced.

4.9 Social License Considerations

Social license considerations for operations are discussed in Section 20.

4.10 Other Properties of Interest

In August 2020, SilverCrest acquired the El Picacho Property (Picacho), which is located approximately 40 km directly north of the Company's Las Chispas Operation or 80 km by paved and upgraded gravel roads. Picacho is not contiguous with the Las Chispas Operation Property. Picacho was a historic gold and silver producer with small production recorded in the late-1800s with grades >15 gpt gold plus silver. There are three low sulfidation epithermal main veins on the Property with numerous near-parallel hanging and footwall veins. The main veins have a known cumulative strike length of >6 km with thicknesses of 0.5 to 15 m. The Picacho Vein is the most prominently explored vein on the Property and has a non-compliant NI 43-101 historic mineral resource estimate. SilverCrest completed significant drilling from 2020 through 2022 with some results reported in its publicly announced news releases.

4.11 Comment on Property Description and Location

To the extent known to the QP, there are no other significant factors and risks that may affect access, title, or the right or ability to perform work on the Las Chispas Operation that have not been discussed in this Report.

5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

5.1 Accessibility

The Las Chispas Operation is accessed from the communities of Arizpe, 12 km away, and Banamichi, 25 km, away, by paved Highway 89. The Las Chispas Operation itself is accessed via secondary gravel road, approximately 10 km off the paved highway. The Rio Sonora crossing is possible via the Tetuachi Bridge, recently constructed by SIL (Figure 5-1). The bridge provides single lane access across the Sonora River and has a capacity of 72 Mt.

Figure 5-1 Tetuachi Bridge

Source: SilverCrest, 2023.

The 10 km gravel road was upgraded during construction to facilitate construction and operation activities. Net elevation gain from the highway to the Operation area is approximately 400 m.

5.2 Climate

The climate is typical for the Sonoran Desert, with a dry season from October to May. Seasonal temperatures vary from 0°C to 40°C. Average rainfall is estimated at 300 mm/year. There are two wet seasons: one in the summer (July to September) and the second in the winter (December). The summer rains are short with heavy thunderstorms, whereas the winter rains are longer and lighter. Summer afternoon thunderstorms are common and can temporarily impact the electrical services. Experience to date has shown these power interruptions are of short duration. Operations are being conducted year-round.

5.3 Local Resources and Infrastructure

5.3.1 Water Supply

Water requirements range between 8 and 12 L/s for the operation stage. The requirement varies between seasons. Core drilling for exploration purposes adds to this requirement depending on number of rigs. Some wells have been established to supply local ranches. During previous geophysical investigation, areas near the Las Chispas Operation were surveyed, but no significant surface water-bearing targets were identified.

Water for the Las Chispas Operation is pumped from two main sources. First, from the 900 level (feet from surface or 850 m above sea level (masl)) of the historic Las Chispas Mine. This water source is considered part of the regional water table, which is linked by a pumping system to seven surface water storage tanks adjacent to the Process Plant site (Figure 5-2). The second source of water is located in the Sonora Valley Basin within the Property limit and near the main access road to the site. Together, the two sources of water are adequate in quantity and quality to support production and exploration activities. The second pumping station (Figure 5-3) in the Sonora Valley Basin (10 km from site) is powered from the nearby 33 kV powerline.

Figure 5-2: Water Distribution Tank Located Near the Main Office

Source: SilverCrest, 2023.

Figure 5-3: Sonora River Pumping Station

Source:  SilverCrest, 2023.

The water management plan defines the order of priority to service the operation, with a view to reduce the impact on the surrounding environment. First, water is pumped from contact water in the 3 ponds located on the surface (Figure 5-4 to Figure 5-6); second, water is pumped from underground at the historic Las Chispas Mine; and third, water is pumped from the Sonora Valley pumping station.

Figure 5-4: North Pond

Source: SilverCrest, 2023.

Figure 5-5: West Pond

Source: SilverCrest, 2023.

Figure 5-6: Emergency Pond

Source: SilverCrest, 2023.

5.3.2 Community Services

Mining supplies and services are readily available from Cananea and Hermosillo (Mexico), and Tucson (USA). Most of the operation supplies are being sourced in Mexico.

5.3.3 Infrastructure

No surface infrastructure from the historic mining industry remains in the Operation area, except for roads and a few eroding rock foundations. Several ranch buildings, corrals, and fencing were acquired from the purchase of ranches.

Information on the infrastructure is discussed in Section 18 of this Report.

Information on the availability of manpower is covered in Section 20.4.2 of this Report.

5.3.4 Power

Power to the mine site is supplied via a new 54 km 33 KV powerline with an overall capacity of 7.6 MW. The powerline is owned by SIL and connected to the national grid. Comisión Federal de Electricidad (CFE) is the responsible entity for power production and distribution in Mexico.

Emergency gensets have been installed throughout the Property to support critical needs when the electrical power grid is down. Emergency gensets cannot support the entire operations, except in the case of the camp, where an emergency genset has been designed to support continuous operation.

Site access security facility, bridge lighting and the Sonora River pumping station are being serviced by a different powerline.

Additional Information on power requirements is provided in Section 18 of this Report.

5.4 Physiography

The Operation is located on the western edge of the north-trending Sierra Madre Occidental mountain range, geographically adjacent to the Sonora Valley.

Surface elevations range from 950 masl to approximately 1,375 masl. The San Gotardo portal to the Las Chispas and William Tell veins is located at 980 masl, the Santa Rosa decline portal to the Babicanora Vein in Area 51 Zone at 1,180 masl, and the Babicanora Central adit portal to the Babicanora Central Zone at 1,170 masl. A third portal to access Las Chispas veins is under preparation and expected to be completed in Q2 2023.

Hillsides commonly have steep colluvium slopes or subvertical scarps resulting from fractures in local volcaniclastic bedrock units.

Rivers and streams generally flow north to south or east to west toward the Sonora River. Flash flooding is common in the area and the Las Chispas Operation has been designed with it in mind.

Vegetation is scarce during the dry season and limited primarily to juvenile and mature mesquite trees and cactus plants. During the wet season, various blooming cactus trees, and grasses are abundant in drainage areas and on hillsides.

There are no known indigenous communities or protected areas in the vicinity of the Operation.

5.5 Sufficiency of Surface Rights

There is sufficient surface area for all required facilities as stated in this Report, including top soil stockpiles, underground portals, mineralized stockpiles, and waste rock storage facilities (WRSFs), Process Plant, filtered tailings storage facilities (FTSFs), associated infrastructure, and other operational requirements for the planned life of mine (LOM) and mine plan discussed in this Report.

6 HISTORY

6.1 Regional History

Historic records indicated mining around the Las Chispas Operation area started as early as the 1640s. There are incomplete historic records available on mining activities in the 1800s and 1900s. There is also a gap in mining activity records for Las Chispas between the mid-1930s through to 1974. In 2008, modern exploration activities in the area commenced with Minefinders Corporation Ltd. (Minefinders). SilverCrest acquired the Property in 2015 and completed what is considered to be the first drill core hole in early 2016.

The history of Las Chispas as summarized in the following sub-sections was extracted from the limited documentation available to SilverCrest in the public domain and private libraries. Every reasonable effort has been made to include data for mineralization within the present Property boundaries. However, as the history of the Las Chispas Property area dates back to the 1600s, it was not always possible to determine the precise location of ownership and work completed.

6.2 Property Exploration and Production History

6.2.1 1800s and Early 1900s

Mining interest in the Las Chispas Operation area is considered to have begun in 1640, when outcrop of the Las Chispas Vein was discovered by Spanish General Pedro de Perra (Wallace 2008), which led to the development of the historic Las Chispas Mine. Through to 1880, small-scale mining, including the excavation of the Babicanora (Central) Adit, was intermittently conducted at this location.

A French company under the name Camou Brothers is reported to have re-developed the Babicanora Mine around 1865 (SilverCrest, 2015). The Babicanora area was mined by Chinese immigrants who originally settled in Baja, relocated to the State of Sinaloa in the late 1800s for agriculture, and were eventually pushed inland by competition from the State of Sonora.Here, they found work in the mines. The Babicanora Adit portal construction and dimensions of underground development was notably different than that of the Las Chispas and William Tell workings. The adit is a 4 m by 4 m drift and approximately 230 m in length to intersect the Babicanora Vein.

From 1870s to the 1920s, the Las Chispas Mine was initially operated by the Santa Maria Mining Company, which went bankrupt after the crash of the silver price in 1893 (Russell, 1908). John (Giovanni) Pedrazzini was given the rights to the Mine and founded the Minas Pedrazzini Gold & Silver Mining Company (Figure 6-1 and Figure 6-2). From the 1890s to the 1920s, the Pedrazzini family-maintained control of the Las Chispas Mine area together with the Las Chispas, William Tell, Luigi, Varela, and Cumaro veins.

Antonio Pedrazzini (Figure 6-3), nephew of Giovanni, maintained an active role in the operation and management of the Mine into the 1920s. In 1904, Edward Dufourcq, a well-known mining engineer, was appointed general manager of the Mine. Minas Pedrazzini was the first operator to drive an adit into the Las Chispas Vein, known as The San Gotardo Tunnel or 600 level, with an estimated length of 1,250 m that was excavated in the early 1900s. Referenced historic levels (i.e., 600 level) are named by depth in feet from the Las Chispas shaft collar (Figure 6-10).

Figure 6-1: Giovanni Pedrazzini and Family at Las Chispas, Circa Early 1880s

Source: FS Report, 2021.

Figure 6-2: Minas Pedrazzini Stock Certificate

Source: FS Report, 2021.

Figure 6-3: Antonio Pedrazzini and Family at Las Chispas, Circa Early 1900s

Source: FS Report, 2021.

At least two additional companies focused efforts on the El Carmen Mine, located approximately 5 km southeast of the Las Chispas Mine, and on the Babicanora area, approximately 1.5 km south of the Las Chispas Mine. Little is known about the historic production and operations of those companies; however, it is understood that small mills were installed at Babicanora and El Carmen to process ores of the Babicanora, El Carmen, and Granaditas veins in a similar manner to the San Gotardo (Las Chispas) Mill (Russell, 1908). The district had at least six operating flotation and cyanidation mills from the late 1880s to 1984.

The San Gotardo Mill, operated by Minas Pedrazzini, was located at the northern portal to the 600 level of the Las Chispas and William Tell veins. The mill consisted of rock breakers, five gravity stamps, two Wilfley tables, and three amalgamation pans, with reported recovery of 70% to 75% (Russell, 1908). The mill expanded with up to 20 operating stamps and four pans in 1910, when total recovery was noted to be between 71% and 84%. Approximately 26,000 t of material were treated in the mill, and over 12,000 t of tailings were estimated to have been deposited as tails into ponds below the mill. In 1910, a 24-inch gauge tramway was built from the San Gotardo portal to the new mill, anticipating daily production to increase to 60 tpd. Wallace (2008) reports that in the 1970s, the mill was salvaged and hauled away with the old mine buildings along with tailings for reprocessing.

In 1910, the decision was made to install a cyanide plant at the Las Chispas Mine to reduce overall processing costs, enable reprocessing of the earlier deposited tailings, and attempt higher metal recoveries with a throughput of 30 tpd to 40 tpd. Construction of the plant occurred during the Mexican Revolution, with delays in building (Dufourcq 1912). Mulchay (1935) indicates that this plant was used for less than six months, due to interference from sulphides in the mineralized material with cyanidation. A small flotation plant was installed prior to 1926 (Mulchay 1935).

Water for the operations was supplied via a 5 km-long pipeline from the Sonora River and power reportedly from a small powerline running from a diesel generator at Nacozari. In 1918, the pumping station along the Sonora River was destroyed by a flood and the Mine resorted to pumping from within the Mine to supply the mill with water (Wallace 2008). Dufourcq (1910) indicates that water was originally intersected below the 900 level of the Mine.

In 1917, it is reported that the mine was confiscated by the local government who operated and extracted "rich ore", before eventually returning the Mine back to Pedrazzini (Montijo, 1920).

From 1900 to 1926, production from the Las Chispas and William Tell veins is reported to have been interrupted several times due to numerous interventions, including theft of high-grade ore, the Mexican Revolution from 1910 to 1920, the Mexican National Catholic Church revolution in 1925, mill flooding/fire, and the government take-over of the mine with no economic plan (Montijo, 1920).

Two versions exist regarding how the Las Chispas Mine was taken over and eventually closed. Mulchay (1935) suggests that in 1935, Minas Pedrazzini was taken over under option by Douglas-Williams with the Phelps-Dodge Corporation. At that time, the Mine was managed by Henry Bollweg. However, Wallace (2008) reports the Mine was acquired by a French corporate subsidiary Corporación Minera de Mexico, S.A. in 1921. This company was reported to have remodelled the power plant and continued mining until closure in 1930.

The very limited information available on metal production suggests approximately 200,000 oz of gold and 100 Moz of silver and (Dahlgren 1883) were recovered from mines within the loosely-defined Las Chispas district, including approximately 20 to 40 Moz of silver estimated to have been recovered from the Las Chispas and William Tell veins. Wallace (2008) estimates that in the period between 1907 and 1911, annual production at the Las Chispas Mine achieved approximately 22,000 t producing 10,000 oz of gold and 1.5 Moz of silver per year with an estimated average grade of 1.1 oz per ton gold and 146.8 oz per ton silver (Table 6-1). Reports indicate that gold and silver were produced from both quartz/amethyst veinlets <5 cm thick and local high-grade shoots up to 4 m thick.

Table 6-1: Las Chispas Mine Production, 1908 to 1911 (Dufourcq 1910)

Note: Estimated projected budget for 1911.

Some records suggest that small-scale mining at Espíritu Santo and operation of a small mill at Babicanora occurred in 1935 (Mulchay 1935). Espíritu Santo workings consisted of a small, inclined shaft approximately 80 cm wide, which declined below a small drainage to two short, mineralized drifts. Approximately 13.2 tons of mineralized material was reported to have been shipped from this small mine in 1934 (Table 6-2).

Table 6-2: Espíritu Santo Mine Production, 1934 (Mulchay 1935)

Another small mining operation at La Victoria was in operation around 1940. The workings consisted of three short, mineralized drives on separate levels approximately 30 m in length (Mulchay 1941).

Figure 6-4 provides an overview of the Las Chispas Valley and highlights the locations where the community of Las Chispas once stood, in addition to the original San Gotardo Mill and the subsequently developed rail-connected mill near the community. Historic Figure 6-4 through Figure 6-8 are of various locations around the historic operation. Figure 6-9 shows the 2017 view of the historic Babicanora (Central) portal and surface workings. Figure 6-10 is a longitudinal section of the historic Las Chispas underground development.

Figure 6-4: View looking North down the Main Valley where Las Chispas Community and Process Plants were located

Source: PEA, 2019. Note: Photo taken September 2015.

Figure 6-5: Historic Photo of former Las Chispas Community (Location 1, circa 1920s)

Source: FS Report, 2021.

Figure 6-6: Historic Photo of a Processing Facility to Northwest of Community (Location2, circa 1920s)

Source: FS Report, 2021.

Figure 6-7: Historic Photo of San Gotardo Mill (Location 3, circa 1910s)

Source: FS Report, 2021.

Figure 6-8: Photo of Historic Processing Facility at Babicanora, Established in 1921

Source: FS Report, 2021.

Figure 6-9: View of Babicanora Central Portal and Site of Historic Processing Facility, November 2017

Source: SilverCrest, 2021.

Figure 6-10: Long Section of the Historic Las Chispas Underground Development (Circa, 1921, looking northeast)

Source: FS Report, 2021.

6.2.2 Mid to Late 1900s to Early 2000s

No written documented information is available for the Las Chispas Operation area during this period. Verbal discussions with Luis Pérez, a local operator, indicate that from 1974 to 1984 a small cyanide leach mill was constructed near the highway entrance to the Las Chispas Operation. During this period, approximately 75,000 t of historic waste was processed with doré poured on-site. No production estimation is available.

It is assumed that sometime between the mid-1930s and 2008, the historic and 1974 Process Plants were dismantled and transported from the area and that both concession and surface ownership likely changed hands at least once in that time.

6.2.3 Minefinders Corporation Ltd. (2008-2011)

6.2.3.1 Overview

In 2008 Minefinders Corporation Ltd (Minefinders) operating under their Mexican affiliate, Minera Minefinders, acquired concessions within the current SilverCrest ground holdings, but were unable to negotiate with the main district concession owners. Subsequently, Minefinders completed initial exploration work in the district, which they referred to as the Babicanora Project.

Minefinders conducted a systematic exploration program across these concessions between 2008 and 2011. Regional activities consisted of geological mapping and a geochemical sampling program totalling 143 stream sediment and bulk-leach extractable gold (BLEG) samples, 213 underground rock chip samples, and 1,352 surface rock chip samples. The work was successful in identifying three gold targets along a 3 km-long structural zone. The most prospective of these targets was interpreted to be an area between the Las Chispas Vein and the Babicanora Vein. Minefinders focused on the western extension of the Babicanora Vein called El Muerto, which is the only part of the trend that was acquired by concession and accessible for exploration work.

Targeted exploration conducted solely within the Babicanora Project area included the collection of 24 stream sediment and BLEG samples, 184 select surface rock chip samples, 474 grid rock chip samples, and drilling of seven reverse circulation (RC) drill holes for a total of 1,842.5 m. The drill hole locations are shown in Figure 6-11 and Figure 6-12.

6.2.3.2 Minefinders Surface Sampling

Turner (2011) describes in detail the work by Minefinders on the Babicanora Project. Outcrop in the area is variable and the sampling was adjusted based on terrain limitations. Minefinders determined that high-grade gold and silver occurrences noted in mine workings and outcrops occurred mainly as discontinuous and narrow quartz stockwork zones. Notable exceptions were a 5 m wide zone and narrow veins in the El Muerto area, northwest of the Babicanora Mine workings.

Twenty-four (24) stream sediment samples were collected from drainages in the Las Chispas Area, as part of a regional sampling program. The large samples were analysed as both 2 kg BLEG samples and via a more conventional analysis of a -80 mesh sieved product. The material utilized for the -80 mesh analysis was obtained after splitting the initial 2 kg used for BLEG analysis. Anomalous zones defined by the regional stream sediment program were later confirmed by a follow-up rock-chip grid sampling program.

All surface rock chip and stream sediment samples were collected by the staff of Minefinders and submitted to ALS Chemex in Hermosillo. Sampling coverage and results are also illustrated in Figure 6-11 and Figure 6-12 (Turner, 2011).

6.2.3.3 Minefinders Drilling 2011

Minefinders carried out a seven-hole RC drill program in 2011. The purpose of the program was to test a porous volcanic agglomerate (i.e., lithic tuff) unit located west of the main mineralization trend in the Babicanora and Las Chispas Areas. The area initially drilled by Minefinders is now known as the El Muerto Zone.

Minefinders contracted Drift Drilling to drill the seven (7) holes utilizing an MPD-1000 RC drill rig. The drilling was conducted from existing roads with drill pads enlarged to allow for safe and effective operations. Environmental permitting with the Ministry of Environment and Natural Resources of Mexico (SEMARNAT is the Spanish acronym) was prepared by Bufete Minera y Servicios de Ingeniería S.A. de C.V. and completed on March 23, 2011. All assay work was conducted by Bureau Veritas of Hermosillo, Mexico and Reno, Nevada.

The drill program was conducted between April 7, 2011, through May 3, 2011, with a total of 1,842.5 m drilled. The drill holes were oriented to intercept a range of host rocks in areas of anomalous precious metal contents or adjacent to mine workings. The concept was that bulk tonnage targets might exist within the more porous or chemically reactive rocks. Table 6-3 shows a summary of the drilling.

Table 6-3: Summary of Minefinders 2011 RC Drill Program