Silver Mountain Resources Inc. announced the receipt of results from six additional drill holes completed at its 100% owned Reliquias mine, central Peru. This is part of the Phase 2 of the 2023 drilling campaign, in which the Company has completed 12,043 metres of diamond drilling from 43 holes. So far, results have been received for 28 drill holes.

The Company's crews are working hard drilling, rehabilitating, and sampling the workings at the Reliquias Mine - having readily accessible tunnels and crosscuts will allow to quickly restart mine production and collect additional representative data points to upgrade resource in the future. The Company has so far received results from drill holes on the Sacasipuedes, Perseguida and Matacaballo-Pasteur vein systems from four underground drill platforms: two from Sacasipuedes, one from Perseguida and one from Matacaballo-P tasteur-Vul volcano. Details from all drill holes announced to date will be posted on the Company's website notes: Silver equivalent (Ag_Eq) grades are calculated using metal prices of: silver USD 23.30/oz., gold USD 1764/oz, copper USD 9419/oz, lead USD 2188/?

and zinc USD 2813?. Drill holes SMR152-23-PER and SMR154-23-PER targeted the central portion of the Perseguida ("PER") vein, below the existing workings. Results from Pasteur confirm the grades seen in earlier drilling and will be incorporated in future resource estimates.

Results from Vulcano ("VUL") suggest that, although the quartz vein mapped on surface extends at depth, the segment tested in these drill holes host lower silver grades. The 2023 drill program consists of two phases: an initial 3,500 metre phase using BQ diameter core (now completed); and a second 12,500 meter phase using NQ and HQ diameter core. The second phase of infill drilling started in June 2023 and continues with 3 rigs working in the upper levels of the MTC (Matacaballo), MTS (Meteysaca), and SCS (Sacasipuedes) vein systems, where high grade historical resource blocks remain outside of the current resource estimate.

The Company plans to incorporate these high-grade blocks in future resource estimates. Results will be announced as they become available. Registered Member MAIG is an independent consultant of the Company and the Qualified Person (within the meaning of NI 43-101) responsible for the MRE, has reviewed and approved the scientific and technical information contained in this news release.