SILVER MOUNTAIN ANNOUNCES GRANT OF STOCK OPTIONS

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TORONTO, Feb. 23, 2024 /CNW/ – Silver Mountain Resources Inc. AGMR AGMRF AGMR (“Silver Mountain” or the “Company“) announces that it has approved a grant of stock options (the “Stock Options“), pursuant to the terms of the Company’s omnibus equity incentive plan, to certain directors, officers and employees of the Company. A total of 7,400,000 Stock Options have been approved for issuance to such directors, officers and efmployees. The Stock Options will be exercisable at an exercise price of $0.10 per share, for a period of four years from the date of the grant. The Stock Options vest at the later of: (a) the 12-month anniversary of the grant; or (b) the mining operations reaching commercial operation as defined by the operations reaching an average mining rate of 400 tonnes per day over a period of 30 days.

Silver Mountain 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 NI 43-101 Technical Report Mineral Resource Estimate for the ReliquiasMine, Huancavelica- Peru, dated March 27, 2023, effective date March 18, 2023, available at www.sedarplus.ca.

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 andholds more than 60,000 hectares in the district of Castrovirreyna, Huancavelica, Peru.

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.

This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, “forward-looking statements“) that relate to Silver Mountain’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.

Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Silver Mountain’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the factors set forth under “Caution Regarding Forward-Looking Statements“ and “Risk Factors” in the Company’s annual information form dated August 14, 2023, and other disclosure documents available on the Company’s profile at www.sedarplus.ca. Silver Mountain undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Silver Mountain to predict all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

SOURCE Silver Mountain Resources Inc.