SILVER MOUNTAIN RESOURCES INC.

TSX.V | AGMR

OTCQB | AGMRF

BVL | AGMR

TSX.V | AGMR

OTCQB | AGMRF

BVL | AGMR

11 January 2023

DRILLING OF METEYSACA VEIN RETURNS BONANZA-GRADE INTERCEPTS AT AgMR's

RELIQUIAS MINE

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN OR INTO THE

UNITED STATES

Highlights

  • Underground drilling identified several high-gradesilver-polymetallic intercepts in the Meteysaca vein and adjacent vein splays, including:
  • 1.55m @ 812.7 g/t Ag, 0.75% Pb, 2.17% Zn, 0.27% Cu, and 0.36 g/t Au in the Meteysaca vein, in drill hole SMR-57-22-MTS, including
    1. 0.55m @ 2240.0 g/t Ag, 1.40% Pb, 4.80% Zn, 0.71% Cu, and 0.96 g/t Au
  • 0.85m @ 434.8 g/t Ag, 1.28% Pb, 2.11% Zn, 0.13% Cu, and 0.29 g/t Au, in a splay of the Meteysaca vein, in hole SMR-58-22-MTS,
  • 1.10m @ 244.8 g/t Ag, 3.85% Pb, 7.72% Zn, 0.59% Cu, and 0.65 g/t Au, in the Meteysaca vein, in drill hole SMR-55-22-MTS
  • 0.55m @ 320.0 g/t Ag, 2.90% Pb, 2.50% Zn, 0.23% Cu, and 1.72 g/t Au, in a splay of the Meteysaca vein, in drill hole SMR-47-22-MTS
  • 0.55m @ 425.0 g/t Ag, 2.00% Pb, 1.30% Zn, 0.16% Cu, and 0.39 g/t Au in the Meteysaca vein, in drill hole SMR-52-22-MTS

Toronto, Ontario, January 11, 2023 - Silver Mountain Resources Inc. TSXV:AGMR | OTCQB:AGMRF | BVL:AGMR ("Silver Mountain", "AGMR" or the "Company") is pleased to

Firmado Digitalmente por:

ALFREDO AUGUSTO BAZO

RODRIGUEZ

SILVER MOUNTAIN RESOURCES INC. TSX.V | AGMRwww.agmr.ca

Fecha: 11/01/2023 07:59:26 a.m.

82 Richmond Street East Toronto, ON M5C 1P1

SILVER MOUNTAIN RESOURCES INC.

TSX.V | AGMR

OTCQB | AGMRF

BVL | AGMR

provide additional results from its 2022 underground drilling campaign at the Company's Reliquias silver mine in Huancavelica, central Peru.1 Last year's drill program was completed in mid- December, with a total of 16,955 metres drilled in 71 bore holes. The assay results of all 12 holes drilled to test the Meteysaca vein are reported in this release (Table 1).

Alfredo Bazo, President and CEO, commented: "Based on underground mapping and sampling of the Meteysaca vein along the 415 m level (see press release of September 8, 2022), we know that this structure is relatively consistent in width, though on average slightly narrower than the other main structures. The results reported today surpassed our expectations regarding the vein thickness below the 415 m level. We are thrilled to see the silver content reaching bonanza grades between 20 oz and up to 70 oz Ag in various intercepts. Furthermore, several vein intersections returned very promising gold grades between 1.00 and 2.55 g/t Au. Due to its elevated metal content, the Meteysaca structure is expected to be included in the initial mine development work programmed to start in late Q3 2023."

1 For additional information in respect of the Castrovirreyna Project, please refer to the Company's technical report, titled National Instrument 43-101Technical Report-CastrovirreynaProject, Peru, dated October 6, 2021, amended November 18, 2021, effective date August 17, 2021, available on the Company's profile on www.sedar.com.

SILVER MOUNTAIN RESOURCES INC. TSX.V | AGMR

www.agmr.ca

82 Richmond Street East Toronto, ON M5C 1P1

SILVER MOUNTAIN RESOURCES INC.

TSX.V | AGMR

OTCQB | AGMRF

BVL | AGMR

Fig.1: Plan view of underground drilling program at the Reliquias silver mine, showing traces of drill holes completed in 2022 (in blue). The twelve holes reported in this release are labelled and highlighted in bold green lines. Additionally, underground workings, main mineralized veins, and drill platforms are displayed. Inset map shows Reliquias property block with locations of both silver mines and the processing plant.

The following table shows the detailed results of mineralized intercepts encountered in the drill holes reported in this news release.

Hole ID

From

To

Interval

Silver

Copper

Lead

Zinc

Gold

Vein

m

m

m

g/t

%

%

%

g/t

SMR-039-22-MTS

154.00

154.40

0.40

177.00

0.50

1.40

3.70

1.21

Splay

190.35

191.05

0.70

55.40

0.02

0.86

0.07

0.14

Splay

198.30

198.95

0.65

52.20

0.04

2.30

3.60

0.16

MTS

SMR-041-22-MTS

79.55

79.90

0.35

291.00

0.14

0.72

0.33

2.55

Splay

155.85

156.50

0.65

70.80

0.24

4.60

7.20

0.12

Splay

161.85

162.15

0.30

31.40

0.03

0.88

2.70

0.13

MTS

SMR-043-22-MTS

75.05

76.00

0.95

28.15

0.04

0.64

2.32

0.16

Splay

including

75.05

75.35

0.30

56.10

0.11

0.72

5.40

0.39

153.30

153.75

0.45

34.60

0.06

0.15

0.17

0.02

Splay

160.90

161.85

0.95

100.92

0.19

1.34

2.11

0.16

MTS

including

161.50

161.85

0.35

157.00

0.14

0.20

1.10

0.29

SMR-045-22-MTS

133.60

134.45

0.85

192.00

0.12

1.80

4.20

0.25

MTS

SMR-047-22-MTS

95.90

96.45

0.55

320.00

0.23

2.90

2.50

1.72

Splay

152.80

153.35

0.55

137.00

0.10

0.62

1.20

1.81

MTS

157.40

157.95

0.55

56.40

0.04

0.96

2.70

0.05

Splay

SMR-048-22-MTS

99.30

99.65

0.35

54.60

0.24

0.16

0.04

0.07

Splay

SMR-050-22-MTS

228.45

229.30

0.85

33.30

0.02

0.33

0.38

0.23

Splay

231.90

232.45

0.55

66.40

0.41

2.10

3.40

0.13

Splay

235.80

236.30

0.50

35.80

0.05

0.23

0.16

0.15

Splay

SMR-052-22-MTS

75.75

76.15

0.40

36.40

0.10

0.33

0.40

1.19

Splay

166.35

166.90

0.55

425.00

0.16

2.00

1.30

0.39

MTS

SMR-053-22-MTS

89.95

90.50

0.55

208.00

0.67

0.74

1.80

0.07

Splay

201.20

202.15

0.95

20.10

0.03

0.18

1.00

0.04

MTS

227.35

227.90

0.55

36.90

0.16

1.20

2.80

0.09

Splay

SMR-055-22-MTS

76.60

76.95

0.35

781.00

0.47

3.80

6.40

1.48

Splay

87.00

87.40

0.40

575.00

0.16

0.21

0.17

0.55

Splay

189.45

190.55

1.10

244.82

0.59

3.85

7.72

0.65

MTS

SMR-057-22-MTS

72.10

72.40

0.30

269.00

0.25

3.10

7.40

1.56

Splay

94.20

94.55

0.35

174.00

0.10

0.66

0.88

1.17

Splay

153.20

154.75

1.55

812.72

0.27

0.75

2.17

0.36

MTS

including

153.20

153.75

0.55

2240.00

0.71

1.40

4.80

0.96

SMR-058-22-MTS

82.05

82.40

0.35

87.40

0.11

0.21

0.87

0.25

Splay

86.55

87.40

0.85

434.79

0.13

1.28

2.11

0.29

Splay

including

86.55

87.05

0.50

694.00

0.19

2.10

3.50

0.46

205.20

206.65

1.45

68.51

0.45

0.76

2.85

0.16

MTS

including

205.70

206.10

0.40

181.00

1.39

1.50

8.20

0.33

Table 1: Weighted assay results of twelve drill holes testing the Meteysaca vein. The last column of the table indicates if the intercept corresponds to the main Meteysaca vein (MTS) or to a vein splay.

SILVER MOUNTAIN RESOURCES INC. TSX.V | AGMR

www.agmr.ca

82 Richmond Street East Toronto, ON M5C 1P1

SILVER MOUNTAIN RESOURCES INC.

TSX.V | AGMR

OTCQB | AGMRF

BVL | AGMR

Fig.2: Photos of drill core, taken before cutting core in half for sampling. Mineralized intervals are highlighted

with red outlines; top picture: drill hole SMR-057-22-MTS, mineralized interval from 153.20 to 154.75 m depth consists of a white-light grey quartz vein with silver sulpho-salts, galena, sphalerite, and pyrite, locally brecciated; assay results returned 812.7g/t Ag, 0.75% Pb, 2.17% Zn, 0.27% Cu, and 0.36 g/t Au; bottom picture: drill hole SMR-058-22-MTS, mineralized interval from 86.55 to 87.40 m depth; hydrothermal breccia with sulphide patches and veinlets in gangue of quartz and clay minerals, strongly fractured, showing silver sulpho-salts, sphalerite, galena; intercept assayed 434.8 g/t Ag, 1.28% Pb, 2.10% Zn, 0.13% Cu, and 0.29 g/t Au.

On Behalf of the Board of Directors of Silver Mountain Resources Inc.

Alfredo Bazo, Chief Executive Officer and Director

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Antonio Cruz, an independent consultant of the Company and a Qualified Person within the meaning of National Instrument 43-101- Standards of Disclosure for Mineral Projects.

SILVER MOUNTAIN RESOURCES INC. TSX.V | AGMR

www.agmr.ca

82 Richmond Street East Toronto, ON M5C 1P1

SILVER MOUNTAIN RESOURCES INC.

TSX.V | AGMR

OTCQB | AGMRF

BVL | AGMR

About Silver Mountain

Silver Mountain Resources Inc. is a silver explorer and mine developer planning to restart production at the Reliquias underground mine and undertake exploration activities at its prospective silver camps at the Castrovirreyna Project in Huancavelica, Peru.

For additional information in respect of the Castrovirreyna Project, please refer to the Company's technical report, titled National Instrument 43-101 Technical Report-Castrovirreyna Project, Peru, dated October 6, 2021, amended November 18, 2021, effective date August 17, 2021, available at https://sedar.com.

For further information about our drill program, including cross sections of the main veins with drill hole locations, please refer to our corporate presentation, available on our website at www.agmr.ca

Silver Mountain's subsidiary Sociedad Minera Reliquias S.A.C. owns 100% of its concessions and holds more than 36,000 hectares in the district of Castrovirreyna, Huancavelica, Peru.

For Further Information Contact:

Alfredo Bazo

Jean Pierre Fort

President, CEO & Director

Chief Financial Officer

abazo@agmr.ca

jpfort@agmr.ca

Silver Mountain Resources Inc

82 Richmond Street East

Toronto, ON M5C 1P1

647-262-4017

info@agmr.ca

www.agmr.ca

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Sampling, QA/QC, and Analytical Procedures

Silver Mountain follows systematic and rigorous sampling and analytical protocols which meet industry standards. These protocols are summarized below.

All drill holes are diamond core holes with HQ or NQ core diameters. Drill core is collected at the underground drill site where recovery measurements are taken before the core is transported by truck to the core logging facility at the Caudalosa Grande mine camp, where it is photographed and geologically logged. The core is then cut in half with a diamond saw blade with half the sample

SILVER MOUNTAIN RESOURCES INC. TSX.V | AGMR

www.agmr.ca

82 Richmond Street East Toronto, ON M5C 1P1

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Silver Mountain Resources Inc. published this content on 11 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 January 2023 13:24:12 UTC.