SilverCrest Metals Inc. announced that its Canadian subsidiary has entered into a credit agreement with an affiliate of RK Mine Finance to provide a secured project financing facility for a total of USD 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 with Ausenco Engineering Canada Inc. 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. Key terms of the Credit Agreement include: USD 120 million facility with initial 25% drawdown complete at close on December 31, 2020. Subsequent drawdowns available upon satisfaction of certain customary conditions precedent, but subsequent drawdowns are not tied to any construction milestones · No requirement for hedging, cash sweeps, offtakes, production linked payments, shares or warrants · Term of four years Principal repaid on the fourth anniversary of Closing (December 31, 2024). Voluntary prepayment at any time, subject to prepayment fee (4% before year 1; 3% for years 1 to 3; and 1.5% beyond year 3). The Facility has an availability period of up to 20 months if: 50% or greater of the Facility is drawn or committed to be drawn within six months of Closing, and 75% or greater of the Facility is drawn within 12 months of Closing· Interest rate of 6.95% plus the greater of 3-month LIBOR (or agreed upon equivalent) or 1.5%. Interest payable quarterly, with option to accrue during the availability period· 3% arrangement fee paid upon Closing of the Credit Agreement· Up to USD 30 million of the Facility can be used for exploration and acquisitions within Sonora, Mexico.