SilverCrest Announces US$120 Million Project Financing Facility and US$76.5 Million Fixed Price EPC Contract for Construction of Process Plant

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VANCOUVER, BC – January 4, 2021 – In anticipation of making a final construction decision based on a Feasibility Study (“Feasibility Study”) for the Las Chispas Project (“Las Chispas”), SilverCrest Metals Inc. (“SilverCrest” or the “Company”) is pleased to announce that its Canadian subsidiary has entered into a credit agreement (the “Credit Agreement”) with an affiliate of RK Mine Finance (“RK”) to provide a secured project financing facility (the “Facility”) for a total of US$120 million for the purpose of funding the construction of Las Chispas. Concurrently, one of the Company’s Mexican subsidiaries has entered into a fixed price Engineering, Procurement and Construction contract (the “EPC Contract”) with Ausenco Engineering Canada Inc. (“Ausenco”), and one of its affiliates, for construction of the Las Chispas process plant. While the Feasibility Study is still pending finalization by Ausenco, with announcement of results targeted for late January 2021, SilverCrest is confident entering into the Credit Agreement and the EPC Contract based on the substantial feasibility information currently available. However, in the absence of a feasibility study of mineral reserves demonstrating economic and technical viability, there is increased uncertainty and historically a higher economic and technical risk of failure associated with the development of a commercially mineable deposit until such time as the Feasibility Study has been completed.  See “EPC Contract and Feasibility Study” below.

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