Financial and Operational Flexibility Continue to Drive Strong Results TSX: SIL | NYSE American: SILV VANCOUVER, BC, May 14, 2024 /CNW/ - SilverCrest Metals Inc. ("SilverCrest" or the "Company") is pleased to announce its financial results for the three months ended March 31, 2024 ("Q1, 2024"). This release provides additional operational results to supplement the April 17, 2024 release of Q1, 2024 operational highlights from the Company's Las Chispas operation ("Las Chispas" or the "Operation") located in Sonora, Mexico. All amounts herein are presented in United States Dollars ("US$"), unless otherwise stated. N. Eric Fier, CEO, commented, "We are proud to deliver another quarter of strong financial and operational performance. Our ability to deliver consistent results is a function of the operational and financial flexibility we have created, which was showcased in a number of ways this quarter. The planned mobilization of our new underground mining contractor began in February, with ramp-up of the underground benefiting from excellent cooperation between our new and outgoing contractors leading to a 10% increase in average daily mining rates from Q4, 2023. Our ability to strategically blend from surface stockpiles and underground resulted in record silver equivalent process grades of 874 grams per tonne and recoveries of 98.3%, supporting higher than expected silver equivalent sales, despite planned processing plant maintenance. Our financial flexibility supported a planned lump sum payment for 2023 taxes and duties of $26.2 million while still ending the quarter with total treasury assets of $91.1 million, including $20.0 million of bullion. Our financial strength allows us to hold bullion thereby increasing the exposure to the metal for our shareholders without additional operating risk. The strong start to the year positions us favourably to deliver on our 2024 guidance." References to average realized gold and silver price, sustaining and non-sustaining capital expenditures, free cash flow, free cash flow per share (basic), working capital, operating cash flow before changes in working capital, operating cash flow before changes in working capital per share (basic), operating cash flow per share (basic), treasury assets, cash costs, and corporate all-in sustaining costs ("AISC") are described in more detail in the "Non-GAAP Financial Measures" section of this news release. Q1, 2024 Highlights Recovered 14,719 ounces ("oz") gold ("Au") and 1.4 million oz silver ("Ag"), or 2.6 million oz silver equivalent ("AgEq"1). Sold 15,000 oz Au and 1.4 million oz Ag (2.6 million oz AgEq) at average realized prices of $2,062/oz Au and $23.37/oz Ag. Revenue of $63.6 million and cost of sales of $26.2 million. Mine operating earnings of $37.5 million (59% operating margin), exceeded the $36.9 million generated in Q4, 2023. Net earnings of $33.9 million or basic earnings of $0.23 per share. Cash costs of $7.09 per oz AgEq sold and AISC of $12.90 per oz AgEq sold. Operating cash outflow of $1.1 million and operating cash flow before changes in working capital of $17.6 million or $0.12 per share, after payment of 2023 taxes and duties which totaled $26.2 million. Free cash flow was negative $11.4 million or $0.08 per share for the quarter, due largely to the payment of 2023 taxes and duties and a $7.5 million prepayment for mining services. Reported retained earnings of $21.5 million on the Company's balance sheet at the end of the quarter, achieving this milestone in only the sixth quarter since commercial production was declared. Ended the quarter with treasury assets totaling $91.1 million ($71.1 million cash and $20.0 million in bullion) and no debt outstanding. ______________________________ 1 Silver equivalent ("AgEq") ratio used in this news release of 79.51:1 based on the Las Chispas Operation Technical Report dated September 5, 2023, with an effective date of July 19, 2023 (the "2023 Technical Report"). First Quarter Operating Performance The following operating performance refers to operating cash flow per share (basic), free cash flow, free cash flow per share (basic), cash costs, AISC, and treasury assets which are described in more detail in the "Non-GAAP Financial Measures" section of this news release. OPERATIONAL Unit Q1, 2024 Q1, 2023 Ore mined tonnes 85,737 63,600 Underground development km 4.2 2.8 Ore milled(1) tonnes 93,373 104,400 Average daily mill throughput tonnes per day ("tpd") 1,026 1,160 Gold Average grade gpt 4.97 4.06 Recovery % 98.6 % 97.5 % Recovered oz 14,719 13,300 Sold oz 15,000 14,200 Silver Average grade gpt 479 419 Recovery % 98.0 % 91.9 % Recovered million oz 1.41 1.29 Sold million oz 1.40 1.36 Silver equivalent(2) Average grade gpt 874 742 Recovery % 98.3 % 94.4 % Recovered million oz 2.58 2.35 Sold million oz 2.59 2.49 FINANCIAL Unit Q1, 2024 Q1, 2023 Revenue $ millions $                       63.6 $                       58.0 Cost of sales $ millions $                      (26.2) $                      (22.4) Mine operating earnings $ millions $                       37.5 $                       35.6 Earnings for the period $ millions $                       33.9 $                       27.2 Earnings per share (basic) $/share $                       0.23 $                       0.18 Operating cash flow $ millions $                        (1.1) $                       26.6 Operating cash flow per share (basic) $/share $                      (0.01) $                       0.18 Free cash flow $ millions $                      (11.4) $                       19.0 Free cash flow per share (basic) $/share $                      (0.08) $                       0.13 Cash costs(2) $/oz AgEq $                       7.09 $                       7.36 AISC(2) $/oz AgEq $                     12.90 $                     10.90