TSX: SIL | NYSE American: SILV

SilverCrest Metals Inc. ("SilverCrest" or the "Company") is pleased to announce positive results from a Feasibility Study (the "Feasibility Study") for the Las Chispas Project ("Las Chispas" or the "Project") in Sonora, Mexico . Details of the Feasibility Study, including an updated Mineral Resource Estimate and an initial Mineral Reserve Estimate, are provided in a technical report filed under the Company's SEDAR profile entitled, "NI 43-101 Technical Report & Feasibility Study on the Las Chispas Project" with an effective date of January 4, 2021 (the "Technical Report"). The Technical Report has been prepared by Ausenco Engineering Canada Inc ("Ausenco") with the assistance of several other independent engineering companies and consultants.

Highlights:

All dollar ($) figures are presented in US dollars unless otherwise stated. Base Case metal prices used in this analysis are $1 ,500 per gold ("Au") ounce ("oz") and $19.00 per silver ("Ag") oz. These prices are based on long-term consensus average prices. A silver equivalent ("AgEq") ¹ ratio of 86.9:1 (Au:Ag) applies throughout this news release to Mineral Resources and Reserves, production and all-in sustaining cost ("AISC") per oz. Net free cash flow and AISC are non-IFRS measures. Refer to the Non-IFRS measures section of this news release.

Robust Economics – The Feasibility Study considers a 1,250 tonne-per-day ("tpd") operation, with an initial mine life of 8.5 years. On an after-tax basis, Las Chispas generates a Base Case NPV(5%) of $486.3 million ("M"), IRR of 52%, and a payback period of 1.0 year. Using spot prices on the effective date of the Technical Report ( $1,946 /oz Au and $27.36 /oz Ag) the after-tax NPV(5%) is $802.5 M , IRR is 74% and payback period is 0.7 year.
High-Grade Updated Mineral Resource and Initial Reserve Estimate – Initial Proven and Probable Reserves ( 3.35 M tonnes, grading 4.81 gpt Au and 461 gpt Ag, or 879 gpt AgEq) total 94.7 Moz AgEq (Table 3). These estimates place Las Chispas amongst the highest-grade primary silver projects globally ² . The mine plan excludes Inferred Resources ( 1.2 M tonnes grading 745 gpt AgEq totaling 29.7 M oz AgEq), which includes the recently discovered high-grade Babi Vista Vein Splay ("BAVS") (211,400 tonnes grading 2,039 gpt AgEq totaling 13.9 Moz AgEq). Expansion and infill drilling for BAVS is underway and targeted to be included in a revised Mineral Resource and Reserve update in 2022.
Enhanced Near Term Production Profile – The Feasibility Study outlines average annual production of 12.4 Moz AgEq from 2023 through 2029, with net free cash flow beginning in 2023. Production will benefit from improved metallurgical recoveries for Au and Ag of 97.6% and 94.3%, respectively. This compares to 94.4% for Au and 89.9% for Ag reported in the Preliminary Economic Assessment ("PEA"), titled, "Technical Report and Mineral Resource Estimate for the Las Chispas Property, Sonora, Mexico ", effective date of May 15, 2019 , as amended July 19, 2019 . Commissioning of the processing plant is targeted for Q2 2022 with ramp-up through H2 2022. It is anticipated that SilverCrest will have accumulated 8 months (~300,000 tonnes) of mineralized material on surface when the processing plant is expected to reach nameplate capacity of 1,250 tpd, providing flexibility in the early stages of production.
Lowest Quartile AISC – Average project-level life of mine ("LOM") AISC of $7.07 /oz AgEq, and $6.68 /oz AgEq over seven (7) full years of production, positions Las Chispas amongst the lowest quartile AISC globally ³ .
Strong Capital Position, Formal Construction Decision – With the completion of the Feasibility Study, SilverCrest's Board of Directors has formally approved construction of the Project. The Company currently has $125 M in cash as of January 31, 2021 and $90 M currently available under its credit facility. Orders for critical long lead items have been placed and all permits required to begin process plant construction are in hand.
Opportunities to Grow and Optimize – Given that Las Chispas has been advanced through the Feasibility Study stage within only five (5) years of its discovery, numerous opportunities remain for growth and optimization. The most significant opportunities are the potential to expand and convert Mineral Resources, particularly for BAVS, Granaditas, Babi Vista and Babicanora Norte veins, and the El Muerto Zone, all of which are close to the planned underground development. Other notable opportunities include optimization of the LOM grade profile and potential acceleration of the mine ramp-up.

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¹ AgEq is based on an Au:Ag ratio of 86.9:1 calculated using $1,410/oz Au and $16.60/oz Ag, with average metallurgical recoveries of 96% Au and 94% Ag.

² Based on top 10 producing projects by 2019 silver production with public disclosure on a primary silver basis from S&P Market Intelligence.

³ Based on data from S&P Market Intelligence, comparing to forecasted 2020 AISC for silver producers using the following metal prices: gold: US$1,500/oz, silver: US$19.00/oz, lead: US$0.83/lb and zinc: US$1.03/lb).

Pierre Beaudoin , COO, remarked, "The Las Chispas Feasibility Study defines a project with robust economics and potential for further improvements during operations. With our EPC Contract and underground development contracts in place, initial construction is already underway and is expected to ramp up through Q1, 2021. Our on-site team has been integral in advancing the study and operating successfully under challenging conditions. The recent achievement of completing more than 9,000 metres of underground mine development while surpassing one million man-hours without a Lost-Time Injury is a testament to our work force diligence to get the job done and continued commitment towards a strong health and safety culture. We thank the team for the outstanding efforts during a challenging year."

N. Eric Fier , CPG, P.Eng and CEO commented: "We are thrilled to have completed a robust Feasibility Study within five years of drilling the first hole at Las Chispas. The Feasibility Study confirms what we have believed for a while, that Las Chispas is economic as a stand-alone operation. It is important to note that the Feasibility Study is just a snapshot in time. We are already working hard to increase our high-grade reserves while simultaneously constructing the mine and process plant. We are excited about the extensive opportunities that remain to grow and optimize Las Chispas. We are greatly appreciative of our employees, partners in the community, contractors and our shareholders, who together have supported us to achieve this important milestone safely, quickly and in a very capital efficient manner. While there is a lot of hard work ahead of us, we look forward to making the shift to production and cash flow which we expect will finance our continued growth."

Further details on the Feasibility Study are presented below.

Table 1: Feasibility Study Overview

Las Chispas Feasibility Study Summary (Base Case)
Throughput (tpd)	1,250
Mine Life (years)	8.5
Reserves Proven & Probable (kt)	3,351

Average Diluted Au Grade (gpt)	4.81
Average Diluted Ag Grade (gpt)	461
Average Diluted AgEq Grade (gpt)	879

Contained Au koz	518.1
Contained Ag koz	49,679
Contained AgEq koz	94,704

Average Au Metallurgical Recovery	97.6%
Average Ag Metallurgical Recovery	94.3%

Payable Au koz (LOM)	502.8
Payable Ag koz (LOM)	46,559
Total AgEq koz	90,271

Average Annual Production (LOM)
Au koz	56.0
Ag koz	5,181
AgEq koz	10,044

Average Annual Production (2023-2029)
Au koz	69.0
Ag koz	6,360
AgEq ⁽¹⁾ koz	12,354

Mining Cost ($/t)	71.40
Process Cost ($/t)	31.69
G&A Cost ($/t)	15.40
Total Operating Cost ($/t)	118.49
Initial Capital Cost ($ M)	137.7
LOM Sustaining Capital Cost ($ M)	123.9
Closure costs ($ M)	3.4

AISC ($/oz AgEq) LOM	$7.07
AISC ($/oz AgEq) 2023-2029	$6.68

Au Price ($/oz)	$1,500
Silver Price ($/oz)	$19.00
Post-Tax IRR	52%
Post-Tax NPV (5%, $ M)	$486.3
Undiscounted LOM net free cash flow ($ M)	$656.4
Payback period (years)	1.0

The Feasibility Study presents a range of metal pricing scenarios on a post-tax basis to evaluate the economics of the Project in both upside and downside commodity price situations (Table 2). As illustrated in the following table, the Project remains robust even at lower commodity prices. Additional sensitivities are presented in the Technical Report. The Project economics are most sensitive to precious metal prices.

Table 2: Sensitivity Analysis

	Downside Case (PEA Prices)	Base Case	Upside Case (Spot Price - Effective Date)
Metal Prices
Gold ($/oz)	$1,269	$1,500	$1,946
Silver ($/oz)	$16.68	$19.00	$27.36
Economics
Post-Tax NPV (5%, $ M)	$370.4	$486.3	$802.5
Post-Tax IRR	42%	52%	74%
Undiscounted LOM Free Cash Flow ($ M)	$510.7	$656.4	$1,054
Payback period in years	1.2	1.0	0.7

Several aspects of the Feasibility Study are similar to the PEA with respect to: processed tonnes per year, mine life, contained ounces, processing costs, G&A costs and closure costs. Using Feasibility Study Base Case metal prices, the AISC, undiscounted LOM net free cash flow and payback period are similar to those in the PEA. The most significant differences are increased mineral resources, increased mineable grades, decreased mineable tonnes, increased recoveries, more payable ounces, higher mining dilution, and higher mining and capital costs. See further discussion below.

Mineral Resource and Reserve Estimates

The Mineral Resource Estimates were prepared by Yungang Wu, P. Geo., and Eugene Puritch , P.Eng., from P&E Mining Consultants Inc. ("P&E") and are provided in Table 3. Estimates were completed for potential underground mining of in-situ vein deposits at the Las Chispas and Babicanora Areas and for surface extraction of stockpiles from historical and current operations. All drilling, surveying and assay databases were provided by SilverCrest including data up to the cut-off date of October 16 , 2020. Full details for the Mineral Resource Estimate can be found in the Technical Report.

Table 3: Mineral Resource Estimate

Classification		Tonnes	Grade			Contained Metal
Classification		(k)	Au (gpt)	Ag (gpt)	AgEq (gpt)	Au (koz)	Ag (koz)	AgEq (koz)
Babicanora Area	M+I	2,214.5	7.35	681	1,319	523.2	48,471	93,939
Las Chispas Area	Indicated	445.1	4.20	548	913	60.1	7,845	13,065
Total Undiluted Veins	M+I	2,659.6	6.82	659	1,251	583.3	56,316	107,004
Historic Stockpiles	Indicated	164.2	1.23	108	215	6.5	572	1,135
Total Veins + Stockpiles	M+I	2,823.8	6.50	627	1,191	589.8	56,888	108,139
Babicanora Area	Inferred	861.6	5.47	409	884	151.6	11,325	24,496
Las Chispas Area	Inferred	378.4	1.80	272	428	21.9	3,308	5,209
Total Undiluted Veins	Inferred	1,240.0	4.35	367	745	173.4	14,634	29,705


Notes:
•	Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
•	The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
•	The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It can be reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
•	The Mineral Resources in the Report were estimated using the 2019 CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines and 2014 CIM Definition Standards for Mineral Resources & Mineral Reserves.
•	Historical mined areas were removed from the wireframes and block model.
•	AgEq is based on gold to silver ratio of 86.9:1 calculated using US$1,410/oz Au and US$16.60/oz Ag, with average metallurgical recoveries of 96% Au and 94% Ag using information available at the effective date of October 16, 2020.
•	Mineral Resources are inclusive of the Mineral Reserves.
•	All numbers are rounded.

The initial Mineral Reserve estimate was prepared by Carl Michaud , P.Eng., Underground Mining Engineer of G Mining Services Inc. ("GMS"), dated of January 4, 2021 .

Table 4: Mineral Reserve Estimate

Classification		Tonnes	Grade			Contained Metal
Classification		(k)	Au (gpt)	Ag (gpt)	AgEq (gpt)	Au (koz)	Ag (Moz)	AgEq (Moz)
Total	Proven	336.5	6.21	552	1,091	67.1	6.0	11.8
	Probable	3,014.7	4.65	451	855	451.0	43.7	82.9
	Proven + Probable	3,351.2	4.81	461	879	518.1	49.7	94.7


Notes:
•	The Mineral Reserve is estimated using the 2019 CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines and 2014 CIM Definition Standards for Mineral Resources & Mineral Reserves.
•	The Mineral Reserve is estimated with a variable COG which was calculated by vein width and economic and operating parameters.
•	A government gold royalty of 0.5% is included in the Mineral Reserve estimates.
•	The Mineral Reserve is estimated with a mining recovery of 95%.
•	The Mineral Reserve presented includes both internal and external dilution. The external dilution included a mining dilution of 0.5 m width on the hanging wall and footwall for the long hole mining method and a 0.2 m width on the hanging wall and footwall for the cut-and-fill and resue mining methods. Backfill dilution is also included and represents an average of 7% for the long hole mining method and an average of 10% for cut-and-fill and resue mining methods.
•	A minimum mining width of 1.5 m was used for the long hole and cut-and-fill mining methods. A minimum mining width of 0.5 m was used for the resue mining method.
•	The economic viability of the Mineral Reserve has been demonstrated.
•	AgEq is based on gold to silver ratio of 86.9:1 calculated using US$1,410/oz Au and US$16.60/oz Ag, with average metallurgical recoveries of 96% Au and 94% Ag.
•	Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations in the 2019 CIM Mineral Resources & Mineral Reserves Best Practice Guidelines.

Production Profile

Underground mining will be completed using four (4) conventional mining methods (43% long hole, 18% cut-and-fill uppers, 27% cut-and-fill breasting, and 12% resue). Overall, underground mine dilution has been estimated to be 52%, mine recovery to be 95%, with, on average, 23 active working faces. Underground development and mining rates are scheduled to ramp-up at a measured pace through 2022 and 2023, with process plant feed during this period sourced from both underground stopes and surface stockpiles (Figure 2). It is anticipated that SilverCrest will have accumulated approximately 300,000 tonnes of mineralized material on surface when the processing plant is expected to reach nameplate capacity, providing flexibility in the early stages of production. This ramp-up profile lowers the risk of start-up and minimizes sustaining capital investment at the outset of the production. There is potential for these rates to be accelerated with further optimization work.

The Feasibility Study outlines an average production profile of 12.4 Moz AgEq over the seven (7) full years of mine life, with 2022 and 2030 as partial years of production due to ramp-up and ounces produced at the end of the mine life. Average annual production over the full LOM is 10.0 Moz AgEq. Further optimization may increase grade and ounces in the earlier years of the LOM schedule.

Figure 3: Annual Production Profile

Processing and Recovery

Since completing the PEA, additional metallurgical testing and process design were concluded. This work highlighted the need for modifications to the process flowsheet to address the presence of higher clay content and higher-grade mineralized materials. The key changes to the circuit are the inclusion of a SAG mill, flotation and corresponding split leach circuits, and larger thickeners, clarifiers and filters. This work resulted in a more flexible process plant and enhanced LOM metallurgical recoveries. LOM estimated metallurgical recoveries post ramp-up are provided below (see details in Table 5).

Table 5: Metallurgical Recoveries

Metal	Metallurgical Recovery
Gold	97.6%
Silver	94.3%

Initial and Sustaining Capital Cost Estimates

The Feasibility Study estimates initial capital requirements of $137.7 M and sustaining capital of $123.9 M over the life of the mine (see details in Table 6). Excluded from the initial capital estimate is $25.8 M of sunk capital that was spent prior to January 1, 2021 , and relates to initial earthworks, Phase 1 of the construction camp, initial EPC milestone payment, and long-lead orders. Also excluded from these estimates are $3.4 M in closure costs at the end of production.

The initial capital has increased from the PEA mainly due to the following: COVID-19 related costs, underground mining infrastructures, process plant modifications to accommodate higher grades and clay content, and the inclusion of a power line to replace diesel-generated power.

Sustaining capital is substantially higher than that in the PEA due to a combination of upward revisions to the amount of underground development required based on longer veins requiring more access and the applicable unit rate. This represents the most significant change from the PEA in terms of capital expenditures.

Table 6: Capital Cost Estimates

Area	Initial Capital ($ M)	Sustaining Capital ($ M)
Mine	27.7	120.9
Process Plant	44.9	1.4
Tailings Management	3.1	0.4
Infrastructure	20.6	1.3
Owners Costs	18.2	-
Contingency	23.3	-
Project Total	137.7	123.9
Closure Costs		3.4

Note: Numbers presented are rounded and columns may not add to the sums.

As announced in the Company's January 4, 2021 news release, one of SilverCrest's Mexican subsidiaries has entered into a fixed price Engineering, Procurement and Construction contract ("EPC Contract") with Ausenco and one of its affiliates for construction of the process plant for a lump sum turnkey price of $76.5 M with work expected to begin at the Project site in February 2021 . The $76.5M price includes sunk capital and a proportionate share of Contingency listed in Table 6. The contract was executed with approximately 60% of detailed engineering being completed and procurement of long lead items having started in Q4 2020.

Operating Costs

LOM operating costs for the Project are estimated to average $118.49 per tonne milled. When using the Base Case commodity price assumptions, the average LOM in-situ contained metal value is approximately $515 per tonne milled. During the start-up period, processing and general and administrative ("G&A") costs per tonne are higher until the process plant throughput ramps up to design capacity. The Feasibility Study is based on contractor underground mining, which has an estimated LOM cost of $71.40 per tonne milled. LOM processing costs are estimated at $31.69 per tonne milled and G&A costs are estimated at $15.40 per tonne milled.

Table 7: Operating Cost Breakdown

Operating Cost
	LOM		2023-2029
	($ M)	($/oz AgEq)	($ M)	($/oz AgEq)
Mining	239.3	2.65	214.2	2.48
Processing	106.2	1.18	96.3	1.12
G&A	51.6	0.57	45.8	0.53
Total Operating Costs	397.1	4.40	356.4	4.13

All-In Sustaining Costs per Ounce of Silver Equivalent

AISC are estimated to be $7.07 /oz AgEq produced, based on LOM payable production of 90.3 Moz AgEq. During full years of production, AISC is expected to average $6.68 /oz AgEq produced. The break-down of the components of the AISC for the Project are provided in Table 8.

Table 8: AISC Breakdown

AISC (Base Case)
	LOM		2023-2029
	($ M)	($/oz AgEq)	($ M)	($/oz AgEq)
Operating Costs	397.1	4.40	356.4	4.13
Refining Costs	28.8	0.32	27.5	0.32
Government Royalties	88.6	0.98	79.7	0.92
Sustaining Capital	123.9	1.37	113.1	1.31
Total AISC	638.3	7.07	576.6	6.68

Note that the above calculation does not include corporate G&A costs or exploration expenditures for the Project.

Opportunities

Given the speed at which Las Chispas has been advanced through the Feasibility Study stage, numerous opportunities remain for optimization and growth. The most significant opportunities are as follows:

Expansion of Mineral Resources and Conversion to Mineral Reserves - These areas will be advanced as part of the ongoing exploration program, which will include underground in-vein development. Priorities will be Babi Vista Vein Splay, Babi Vista Vein, Babicanora Norte Vein, El Muerto Zone, and Granaditas 1 and 2 veins.
Testing New Targets – As of October 16, 2020 , 45 veins have been identified, but only 21 have had sufficient drilling to support at least an Inferred Mineral Resource estimate. SilverCrest intends to target Mineral Resource additions from these remaining veins and evaluate the significant potential to identify additional veins through continued surface exploration and drilling programs. Surface exploration and initial drill-testing has identified an additional estimated 30 km of potential vein strike length to explore. The Mineral Resource currently represents approximately 18 km of vein strike length.
Mine Optimization – Several of the priority exploration opportunities in 2021 are within or close to the proposed footprint of underground development. With successful exploration and potential Mineral Reserve conversion, these opportunities could allow for optimization of LOM, LOM grade and ramp-up profiles.
Process Plant Capacity – The Feasibility Study assumes a processing throughput of 1,250 tpd based on the highest clay samples encountered during metallurgical testing. If it is determined during operation that the clay content is lower than assumed, daily throughput could be increased. There is also an opportunity to complete a low capital cost expansion of the plant to 1,750 tpd, if reserve tonnage and mining rates allow. This would include the addition of a ball mill, pebble crusher and additional flotation capacity, with the CCD circuit already sized for additional capacity. The 2021 budget will include engineering work to support a capital cost estimate for the expansion.

The suggested budget in the Feasibility Study for work related to these opportunities is $39.2 M .

The Company intends to carry out an exploration and mine optimization program in 2021 to address these opportunities which will contribute to an updated Mineral Resource and Reserve Estimate currently planned for 2022.

Risks

De-risking of Las Chispas has been a top priority for the Company including significant work to finish the Feasibility Study, completing over 9,000 m of underground development including in-vein drifting, accumulating significant surface stockpiles of mineralized material, reaching 60% of detailed engineering, and installing an isolated construction camp to limit the risk of COVID-19 during construction. Remaining risks include:

COVID-19 – The Company has made a substantial investment to address COVID-19 risks. This includes the installation and operation of an isolated camp, quarantining and testing prior to site access, random testing, and the implementation of strict protocols. In addition, the company has established a COVID-19 taskforce mandated to monitor results and adapt protocols. Despite these efforts, an outbreak at site remains possible and could disrupt construction.
Mineral Resource Estimates – Las Chispas is a high-grade precious metal deposit and inherently has a nugget effect which could cause overestimation of high-grade mineralization when completing Mineral Resource estimation. Hard boundary wireframes were used in estimation which helps restrict potential overestimation of grades; however, wireframes may be biased with respect to the representative volume, and subsequent estimated tonnage and metal content.
Mineral Reserve Estimates and Mine Plan – The main risks that can affect the Mineral Reserves are the decrease in mining recovery and the increase in mining dilution due to the narrow veins that make up the deposit. To mitigate this risk, the mine design includes four mining methods and the ramp-up will take advantage of the stockpile levels and be gradually increased to design level.
Metallurgical Test work and Recovery Plan – There is a risk that high volumes of clay content materials may cause reduced capacity through the tailings filters and greater moisture in the dry-stack tailings facility. Planned mitigations include a duty-standby design of the filters in the plant, and potential reconfiguration of the dry stacking areas in the Filtered Tailings Storage Facility (FTSF). Further characterization and management of clay before production is also being planned as it also represents both a mitigation measure and an opportunity.

About the Feasibility Study

Ausenco managed the Feasibility Study with several other engineering companies and consultants contributing to sections of the study. The following QPs contributed to the study:

Ausenco – Mineral processing, recovery methods, infrastructure, environmental, consolidated cost estimates and economic analysis

Robin Kalanchey , P. Eng.
Scott Weston , P. Geo.

P&E – Geology and Mineral Resources

William Stone , P.Geo.
Eugene Puritch, P.Eng.
David Burga , P. Geo.
Jarita Barry , P.Geo.
Yungang Wu, P.Geo.
Andrew J. Turner , P. Geol.

G-Mining Services – Mineral Reserves, mining, mine capital and operating costs

Carl Michaud , ING., P. Eng.

Wood Environment & Infrastructure Solutions, Inc. – Tailings

Humberto Preciado , PhD, P.E.

Hydro-Ressources Inc. – Hydrology and Hydrogeology

Michael Verreault , P.Eng.

Rockland Ltd. – Geotechnical

Khosrow Aref , P. Eng.

This news release has been reviewed and approved by N. Eric Fier , CPG, P.Eng, CEO of SilverCrest and a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). The technical information in this news release has also been reviewed and approved by the following independent Qualified Persons:

Robin Kalanchey , P. Eng.
Eugene Puritch , P.Eng.
Carl Michaud , ING., MBA

SilverCrest will be hosting a conference call on February 3, 2021 at 5:30 am PST / 8:30 am EST to discuss the results of the Feasibility Study. An accompanying presentation will be uploaded to the Company's website ( www.silvercrestmetals.com/investors/presentation_factsheet/ ). Access details for the call as follows:

North American Toll-Free dial-in: 1-888-664-6392
Webcast Access: https://produceredition.webcasts.com/starthere.jsp?ei=1424977&tp_key=8fd6c92776
Encore North American Toll-Free Replay: 1-888-390-0541 Code: 511265#

About Silvercrest Metals Inc.

SilverCrest is a Canadian precious metals exploration and development company headquartered in Vancouver, BC , that is focused on new discoveries, value-added acquisitions and targeting production in Mexico's historic precious metal districts. The Company's current focus is on the high-grade, historic Las Chispas mining district in Sonora, Mexico . The Las Chispas Project consists of 28 mineral concessions, of which the Company has 100% ownership of where all the resources are located. SilverCrest is the first company to successfully drill-test the historic Las Chispas Property resulting in numerous high-grade precious metal discoveries. The Company is led by a proven management team in all aspects of the precious metal mining sector, including taking projects through discovery, finance, on time and on budget construction, and production.

FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" and "forward-looking information" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation. These include, without limitation, statements with respect to: the economics and project parameters presented in the Feasibility Study, including IRR, AISC, NPV, and other costs and economic information; mineral resource and mineral reserve estimates contained in the Technical Report; possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the strategic plans, timing and expectations for the Company's exploration, development and construction activities at the Las Chispas Project. Such forward looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: impact of the COVID-19 pandemic; the reliability of mineralization estimates, mining and development costs; the conditions in general economic and financial markets; availability of skilled labour; timing and amount of expenditures related to rehabilitation and drilling programs; and effects of regulation by governmental agencies. The actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors including: uncertainty as to the impact and duration of the COVID-19 pandemic; the timing and content of work programs; results of exploration and development activities; the interpretation of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project cost overruns or unanticipated costs and expenses; and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law

CAUTIONARY NOTE TO US INVESTORS
This news release includes Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves and the Mineral Resources estimates are made in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ significantly from the requirements of the SEC applicable to domestic United States reporting companies. Consequently, Mineral Reserves and Mineral Resources information included in this news release is not comparable to similar information that would generally be disclosed by domestic US reporting companies subject to the reporting and disclosure requirements of the SEC. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with US standards.

NON-IFRS MEASURES
SilverCrest has included certain non-IFRS performance measures as detailed below. In the mining industry, these are common performance measures but may not be comparable to similar measures presented by other issuers. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

All-in Sustaining Cash Costs per Ounce of AgEq – The Company defines AISC once in production as the sum of operating costs (as defined and calculated above), royalty expenses, sustaining capital, corporate expenses and reclamation cost accretion related to current operations. Corporate expenses include general and administrative expenses, net of transaction related costs, severance expenses for management changes and interest income. AISC excludes growth capital, reclamation cost accretion not related to current operations, interest expense, debt repayment and taxes. For the purpose of the Feasibility Study, AISC does not include corporate G&A and exploration expenditures for the Project. While there is no standardized meaning of the measure across the industry, the Company's definition conforms to the all-in sustaining cost definition as set out by the World Gold Council in its guidance dated June 27, 2013. The World Gold Council is a non-regulatory, non-profit organization established in 1987 whose members include global senior mining companies. The Company believes that this measure will be useful to external users in assessing operating performance and the ability to generate free cash flow from current operations.

Net Free Cash Flow – SilverCrest calculates net free cash flow by deducting cash capital spending from net cash provided by operating activities. The Company believes that this measure provides valuable assistance to investors and analysts in evaluating the Company's ability to generate cash flow after capital investments and build the cash resources of the Company. The most directly comparable measure prepared in accordance with IFRS is net cash provided by operating activities less net cash used in investing activities.

N. Eric Fier , CPG, P.Eng
Chief Executive Officer
SilverCrest Metals Inc.

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SOURCE SilverCrest Metals Inc.

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Silver Price Forecast - What Happened And Where Do We Go From Here?

Silver Outlook

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This forward-thinking document will arm you with the insights needed to make well-informed decisions for 2025 and beyond.

A Sneak Peek At What The Insiders Are Saying

"I'm looking for US$40 (per ounce) or so in 2025. It's really hard to predict because technically there's no resistance above US$35 or so”
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Silver Price Forecast: Top Trends for Silver in 2025

Silver Price Update: Q1 2025 in Review

Top 5 Canadian Silver Stocks of 2025

Silver Price Forecast: Top Trends for Silver in 2025

The silver price reached highs not seen since 2012 this past year, supported by an ongoing deficit and increasing interest from investors as geopolitical concerns prompted safe-haven buying.

The white metal reached its highest point for the year in October, breaking through US$34 per ounce on the back of a shifting post-pandemic landscape and geopolitical tensions. However, Donald Trump's victory in the US presidential election just a few weeks later buoyed bond yields and the US dollar while weighing on silver and gold.

What will 2025 hold for silver? As the new year approaches, investors are closely watching how Trump's policies and actions could impact the precious metal, along with supply and demand trends in the space.

Here's what experts see coming for silver in 2025.

How will Trump's presidency impact silver?

As Trump's inauguration approaches, speculation is rife about how he could affect the resource industry.

The president-elect ran on a policy of “drill, baby, drill," and while his focus was largely on oil and gas companies, mining sector participants have taken it as a positive sign for exploration and development.

Trump's promise to reduce permitting timelines for anyone making an investment of US$1 billion or more in the US has excited sector members, and could end up being a boon to silver companies in the country.

However, part of the help Trump has promised to mining companies comes from reneging on environmental commitments, including the Paris Agreement. This could end up weighing on silver.

Current President Joe Biden's Inflation Reduction Act includes tax credits and deductions for solar projects, and there's some concern that the incoming administration and the new Elon Musk-led Department of Government Efficiency (DOGE) could impose reversals or have the entire act gutted, hurting the solar market.

However, Peter Krauth, author of "The Great Silver Bull" and editor of the Silver Stock Investor, told the Investing News Network (INN) that Tesla (NASDAQ:TSLA) CEO Musk could end up keeping solar safe.

“Tesla bought SolarCity, which became Tesla Energy. They are an important provider of solar panels. Again, Musk’s new role heading DOGE and obvious close connection to Trump just might help mitigate risks to Tesla and its solar panel/power storage business. If that happens, in whatever form it may take, it could shelter solar panel production and sales in the US to a considerable degree,” Krauth explained via email.

He also noted that Trump's presidency isn't without risks and that much uncertainty still remains.

Mind Money CEO Julia Khandoshko also isn't worried about solar demand in the US.

“Rolling back ESG policies and returning to carbon-based technologies could slow the green energy transition in the US. However, Europe and China, the main drivers of the green transition, remain committed to clean energy, which increases silver demand. Thus, global trends will continue to support silver use in renewable energy technologies,” she told INN.

Silver deficit expected to continue

Industrial segments have been critical for silver demand in recent years.

As of November, the Silver Institute was forecasting total industrial demand of 702 million ounces of silver for 2024, an increase of 7 percent over the 655 million ounces recorded in 2023.

The institute attributes much of this increase to energy transition sectors, highlighting photovoltaics in particular.

However, these gains are coming alongside flat mine production, which is expected to grow only 1 percent to 837 million ounces during 2024. Once factored in, secondary supply from recycling pushes total supply of silver to 1.03 billion ounces for the year, a considerable gap from the 1.21 billion ounces of total demand.

Both Krauth and Khandoshko think the gap between silver supply and demand will continue.

Krauth suggested that companies have been dipping into aboveground inventories to narrow the gap, which has helped to keep the price of silver from exploding over the past year. "That supply is quickly drying up, so I expect to see renewed upward price pressure since silver miners are unable to grow output," he told INN.

Khandoshko expressed a similar sentiment, saying demand is likely to keep outpacing supply.

However, she also sees geopolitics and a global macroeconomic situation that could constrain both demand and supply growth in 2025. For example, economic difficulties in Europe and China could slow energy transition demand.

"The problem is that silver production is mainly concentrated in geopolitically challenging areas, such as Russia and Kazakhstan, where securing funding for supply expansion is quite difficult" — Julia Khandoshko, Mind Money

When it comes to supply, Khandoshko told INN that she sees a different scenario.

“The problem is that silver production is mainly concentrated in geopolitically challenging areas, such as Russia and Kazakhstan, where securing funding for supply expansion is quite difficult," she explained.

"These factors limit silver’s growth potential compared to gold, which in turn benefits from its role as a safe-haven asset during times of economic uncertainty."

Silver M&A set to heat up in 2025

As silver supply becomes increasingly stressed, experts are eyeing projects that are ramping up.

Krauth highlighted Aya Gold and Silver’s (TSX:AYA:OTCQX:AYASF) Zgounder mine expansion. Its first pour was at the end of November, and it is expected to ramp up to full annual output of 8 million ounces in 2025.

Endeavour Silver’s (TSX:EDR,NYSE:EXK) Terronera mine is also nearing completion. Once complete, the operation is expected to produce 15.5 million silver equivalent ounces per year.

For its part, Skeena Resources (TSX:SKE,NYSE:SKE) is working to develop its Eskay Creek project. It is set to come online in 2027, and is expected to bring 9.5 million ounces of silver per year to market in its first five years.

Krauth said a rising silver price is likely good news for mergers and acquisitions in 2025.

“Higher prices, since they translate into higher share prices, meaning acquirers can use their more valuable shares as a currency to acquire others … I think 2024 will bring deals between mid-tiers and between juniors," he said.

Krauth added, "The truth is that many mid-tier producers have not been spending on exploration. Something has to give, so I think we’ll see this space heat up."

Investor takeaway

Khandoshko and Krauth have similar silver outlooks for 2025, suggesting a possible pullback.

“Due to supply shortages and increasing demand in the coming months, silver is expected to reach US$35. After this, a slight pullback to US$30 would be possible,” Khandoshko said.

However, after that happens she projects another rise, with silver potentially passing US$50.

Krauth was looking for silver to reach US$35 in 2024, which happened in Q4. Looking forward to 2025, he thinks the white metal will revisit that level in the first quarter, with US$40 or more possible later in the year.

However, he suggested that investors should be cautious of wider economic trends affecting silver.

“There is a serious risk of significant correction in the broader markets and of a recession. A broad market selloff could bleed into silver stocks, even if only temporarily,” Krauth said.

In the case of a recession, a lack of industrial demand could create headwinds for silver. Still, Krauth thinks that could be tempered by government stimulus efforts for green energy and infrastructure.

Overall, 2025 could be a significant year for silver investors. However, geopolitical and economic instability may provide headwinds across the resource sector and could stymie silver's upward momentum.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Prismo Metals is a client of the Investing News Network. This article is not paid-for content.

The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

Silver Price Update: Q1 2025 in Review

Gold may be grabbing headlines with record-breaking highs in 2025, but silver is quietly making its own impressive climb, rising 17 percent since the start of the year.

Long supported by industrial demand, the silver market is also benefiting from its reputation as a safe-haven asset. However, mounting economic uncertainty has rattled investors in recent months.

While there are many driving forces behind this uncertainty, the ongoing tariff threats from US President Donald Trump and his administration have spooked equity markets worldwide.

What happened to the silver price in Q1?

After reaching a year-to-date high of US$34.72 per ounce in October 2024, the price of silver spent the rest of the year in decline, bottoming out at US$28.94 on December 30.

A momentum shift at the start of the year caused it to rise. Opening at US$29.53 on January 2, silver quickly broke through the US$30 barrier on January 7, eventually reaching US$31.28 by January 31.

Silver price, January 2 to April 4, 2025

Silver price, January 2 to April 4, 2025

Chart via Trading Economics.

Silver's gains continued through much of February, with the white metal climbing to US$32.94 on February 20 before retreating to US$31.13 on February 28. Silver rose again in March, surpassing the US$32 mark on March 5 and closing above US$32 on March 12. It peaked at its quarterly high of US$34.43 on March 27.

Heading into April, silver slumped back to US$33.67 on the first day of the month; it then declined sharply to below US$30 following Trump's tariff announcements on April 2.

Tariff fears lift silver, but industrial demand uncertainty looms

Precious metals, including silver, have benefited from the volatility created by the Trump administration’s constant tariff threats since the beginning of the year. These threats have caused chaos throughout global equity and financial markets, prompting more investors to seek safe-haven assets to stabilize their portfolios.

However, there are concerns that the threat of tariffs could weaken industrial demand, which could cool price gains in the silver market. In an email to the Investing News Network (INN), Peter Krauth, editor of the Silver Stock Investor and author of "The Great Silver Bull," said it's too soon to tell how tariffs may affect silver.

“We don’t really have any indication yet that industrial demand has weakened. There is, of course, a lot of concern regarding industrial demand, as tariffs could cause demand destruction as costs go up,” he said.

Krauth noted that for solar panels there is an argument that tariffs could positively affect industrial demand if countries have a greater desire for self-sufficiency and reduced reliance on energy imports.

He referenced research by Heraeus Precious Metals about a possible slowdown in demand from China, which accounts for 80 percent of solar panel capacity. However, any slowdown would coincide with a transition from older PERC technology to newer TOPCon cells, which require significantly more silver inputs.

“This, along with the gradual replacement of older PERC solar panels with TOPCon panels, should support silver demand at or near recent levels,” Krauth said.

Recession could provide headwinds

Another potential headwind for silver is the looming prospect of a recession in the US.

At the beginning of 2024, analysts had largely reached a consensus that some form of recession was inevitable.

While real GDP in the US rose 2.8 percent year-on-year for 2024, data from the Federal Reserve Bank of Atlanta’s GDPNow tool shows a projected -2.8 percent growth rate for the first quarter.

The Bureau of Economic Analysis won't release official real GDP figures until April 30, but the Atlanta Fed’s numbers suggest a troubling fall in GDP that could signal an impending recession.

In comments to INN, Mind Money CEO Julia Khandoshko indicated that a recession may negatively impact the silver market due to the growing demand for silver from energy transition markets.

“When the economy slows down, demand for manufactured goods, including silver, decreases, which means that buying in the next six months is unlikely to be a wise decision,” she said.

Solar panels account for significant demand, with considerable amounts also used in electric vehicles. Tariffs on US vehicle imports and a possible recession could create added pressure for silver.

"In my view, there’s a strong possibility of witnessing a shock from a severe supply shortage in the silver market within the next six months or so" — Peter Krauth, Silver Stock Investor

“Another important factor is silver’s connection to the electric vehicle market. Previously, this sector supported demand for the metal, but now its growth has slowed down. In Europe and China, interest in electric cars is no longer so active, and against the background of economic problems, sales may even decline,” Khandoshko said.

Silver demand from solar panel production stands at 232 million ounces annually, with an additional 80 million ounces used by the electric vehicle sector. A recession could lead consumers to postpone major purchases, such as home improvements or new vehicles, particularly if coupled with the extra costs of tariffs.

Although the impact of tariffs on the economy — and ultimately demand for silver — remains uncertain, the Silver Institute’s latest news release on March 3 indicates a fifth consecutive annual supply deficit.

Silver price forecast for 2025

“I think silver will hold up well and rise on balance over the rest of this year,” Krauth said.

He also noted that, like gold, there have been shipments of physical silver out of vaults in the UK to New York as market participants try to avoid any direct tariffs that may be coming.

“In my view, there’s a strong possibility of witnessing a shock from a severe supply shortage in the silver market within the next six months or so,” Krauth explained to INN.

Khandoshko suggested silver's outlook is more closely tied to consumer sentiment. “The situation may also change when the news stops discussing the high probability of a recession in the US,” she remarked.

With Trump announcing a sweeping 10 percent global tariff along with dozens of specific reciprocal tariffs on April 2, there appears to be more instability and uncertainty ahead for the world’s financial systems.

This uncertainty has spread to precious metals, with silver trading lower on April 3 and retreating back toward the US$31 mark. Investors might be taking profits, but it could also be a broader pullback as they determine how to respond in a more aggressively tariffed world. In either scenario, the market may be nearing opportunities.

“There is some risk that we could see a near-term correction in the silver price. I don’t see silver as currently overbought, but gold does appear to be. I think we could get a correction in the gold price, which would likely pull silver lower. I could see silver retreating to the US$29 to US$30 level. That would be an excellent entry point. In that scenario, I’d be a buyer of both the physical metal and the silver miners,” Krauth said.

With increased industrial demand and its traditional safe-haven status, silver may present a more ideological challenge for investors in 2025 as competing forces exert their influence. Ultimately, supply and demand will likely be what drives investors to pursue opportunities more than its safe-haven appeal.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

Top 5 Canadian Silver Stocks of 2025

Silver-mining companies and juniors have seen support from a strong silver price in 2025. Since the start of the year, the price of silver has increased by over 11 percent as of April 11, and it reached a year-to-date high of US$34.38 per ounce on March 27.

Silver’s dual function as a monetary and industrial metal offers great upside. Demand from energy transition sectors, especially for use in the production of solar panels, has created tight supply and demand forces.

Demand is already outpacing mine supply, making for a positive situation for silver-producing companies.

So far, aboveground stockpiles have been keeping the price in check, but the expectation is those stocks will be depleted in 2025 or 2026, further restricting the supply side of the market.

How has silver's price movement benefited Canadian silver stocks on the TSX, TSXV and CSE? The five companies listed below have seen the best performances since the start of the year. Data was gathered using TradingView's stock screener on February 12, 2025, and all companies listed had market caps over C$10 million at that time.

1. Discovery Silver (TSX:DSV)

Year-to-date gain: 185.92 percent
Market cap: C$848.98 million
Share price: C$2.03

Discovery Silver is a precious metals development company focused on advancing its Cordero silver project in Mexico. Additionally, it is looking to become a gold producer with its recently announced acquisition of the producing Porcupine Complex in Ontario, Canada.

Cordero is located in Mexico’s Chihuahua State and is composed of 26 titled mining concessions covering approximately 35,000 hectares in a prolific silver and gold mining district.

A 2024 feasibility study for the project outlines proven and probable reserves of 327 million metric tons of ore containing 302 million ounces of silver at an average grade of 29 grams per metric ton (g/t) silver, and 840,000 ounces of gold at an average grade of 0.08 g/t gold. The site also hosts significant zinc and lead reserves.

The report also indicated favorable economics for development. At a base case scenario of US$22 per ounce of silver and US$1,600 per ounce of gold, the project has an after-tax net present value of US$1.18 billion, an internal rate of return of 22 percent and a payback period of 5.2 years.

Discovery's shares gained significantly on January 27, after the company announced it had entered into a deal to acquire the Porcupine Complex in Canada from Newmont (TSX:NGT,NYSE:NEM).

The Porcupine Complex is made up of four mines including two that are already in production: Hoyle Pond and Borden. Additionally, a significant portion of the complex is located in the Timmins Gold Camp, a region known for historic gold production.

Discovery anticipates production of 285,000 ounces of gold annually over the next 10 years and has a mine life of 22 years. Inferred resources at the site point to significant expansion, with 12.49 million ounces of gold, from 254.5 million metric tons of ore with an average grade of 1.53 g/t.

Upon the closing of the transaction, Discovery will pay Newmont US$200 million in cash and US$75 million in common shares, and US$150 million of deferred consideration will be paid in four payments beginning on December 31, 2027.

According to Discovery in its full-year 2024 financial results, the Porcupine acquisition will help support the financing, development and operation of Cordero. Discovery’s share price reached a year-to-date high of C$2.12 on March 31.

2. Almaden Minerals (TSX:AMM)

Year-to-date gain: 136.36 percent
Market cap: C$16.47 million
Share price: C$0.13

Almaden Minerals is a precious metals exploration company working to advance the Ixtaca gold and silver deposit in Puebla, Mexico. According to the company website, the deposit was discovered by Almaden’s team in 2010 and has seen more than 200,000 meters of drilling across 500 holes.

A July 2018 resource estimate shows measured resources of 862,000 ounces of gold and 50.59 million ounces of silver from 43.38 million metric tons of ore, and indicated resources of 1.15 million ounces of gold and 58.87 million ounces of silver from 80.76 million metric tons of ore with a 0.3 g/t cutoff.

In April 2022, Mexico’s Supreme Court of Justice (SCJN) ruled that the initial licenses issued in 2002 and 2003 would be reverted back to application status after the court found there had been insufficient consultation when the licenses were originally assigned.

Ultimately, the applications were denied in February 2023, effectively halting progress on the Ixtaca project. While subsequent court cases have preserved Almaden’s mineral rights, it has yet to restore the licenses to continue work on the project.

In June 2024, Almaden announced it had confirmed up to US$9.5 million in litigation financing that will be used to fund international arbitrations proceedings against Mexico under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

In a December update, the company announced that several milestones had been achieved, including the first session with the tribunal, at which the company was asked to submit memorial documents outlining its legal arguments by March 20, 2025. At that time, the company stated it would vigorously pursue the claim but preferred a constructive resolution with Mexico.

In its most recent update on March 21, the company indicated that it had submitted the requested documents, claiming US$1.06 billion in damages. The memorial document outlines how Mexico breached its obligations and unlawfully expropriated Almaden’s investments without compensation.

Shares in Almaden reached a year-to-date high of C$0.135 on February 24.

3. Avino Silver & Gold Mines (TSX:ASM)

Year-to-date gain: 98.43 percent
Market cap: C$373.48 million
Share price: C$2.52

Avino Silver and Gold Mines is a precious metals miner with two primary silver assets: the producing Avino silver mine and the neighboring La Preciosa project in Durango, Mexico.

The Avino mine is capable of processing 2,500 metric tons of ore per day ore, and according to its FY24 report released on January 21 the mine produced 1.1 million ounces of silver, 7,477 ounces of gold and 6.2 million pounds of copper last year. Overall, the company saw broad production increases with silver rising 19 percent, gold rising 2 percent and copper increasing 17 percent year over year.

In addition to its Avino mining operation, Avino is working to advance its La Preciosa project toward the production stage. The site covers 1,134 hectares, and according to a February 2023 resource estimate, hosts a measured and indicated resource of 98.59 million ounces of silver and 189,190 ounces of gold.

In a January 15 update, Avino announced it had received all necessary permits for mining at La Preciosa and begun underground development at La Preciosa. It is now developing a 350-meter mine access and haulage decline. The company said the first phase at the site is expected to be under C$5 million and will be funded from cash reserves.

The latest update from Avino occurred on March 11, when it announced its 2024 financial results. The company reported record revenue of $24.4 million, up 95 percent compared to 2023. Avino also reduced its costs per silver ounce sold.

Additionally, Avino reported a 19 percent increase in production in 2024, producing 1.11 million ounces of silver compared to 928,643 ounces in 2023. The company’s sales also increased, up by 23 percent to 2.56 million ounces of silver compared to 2.09 million ounces the previous year.

Avino's share price marked a year-to-date high of C$2.80 on March 27.

4. Highlander Silver (CSE:HSLV)

Year-to-date gain: 90 percent
Market cap: C$160.17 million
Share price: C$1.90

Highlander Silver is an exploration and development company advancing projects in South America.

Its primary focus has been the San Luis silver-gold project, which it acquired in a May 2024 deal from SSR Mining (TSX:SSRM,NASDAQ:SSRM) for US$5 million in upfront cash consideration and up to an additional US$37.5 million if Highlander meets certain production milestones.

The 23,098 hectare property, located in the Ancash department of Peru, hosts a historic measured and indicated mineral resource of 9 million ounces of silver, with an average grade of 578.1 g/t, and 348,000 ounces of gold at an average grade of 22.4 g/t from 484,000 metric tons of ore.

In July 2024, the company said it was commencing field activities at the project; it has not provided results from the program. In its December 2024 management discussion and analysis, the company stated it was undertaking a review of prior exploration plans and targets, adding that it believes there is exceptional growth potential.

Highlander's most recent news came on March 11, when it announced it had closed an upsized bought deal private placement for gross proceeds of C$32 million. The company said it will use the funding to further exploration activities at San Luis and for general working capital.

Shares in Highlander reached a year-to-date high of C$1.96 on March 31.

5. Santacruz Silver Mining (TSXV:SCZ)

Year-to-date gain: 85.45 percent
Market cap: C$192.16 million
Share price: C$0.51

Santacruz Silver is an Americas-focused silver producer with operations in Bolivia and Mexico. Its producing assets include the Bolivar, Porco and Caballo Blanco Group mines in Bolivia, along with the Zimapan mine in Mexico.

In a production report released on January 30, the company disclosed consolidated silver production of 6.72 million ounces, marking a 4 percent decrease from the 7 million ounces produced in 2023. This decline was primarily attributed to a reduction in average grades across all its mining properties.

In addition to its producing assets, Santacruz also owns the greenfield Soracaya project. This 8,325-hectare land package is located in Potosi, Bolivia. According to an August 2024 technical report, the site hosts an inferred resource of 34.5 million ounces of silver derived from 4.14 million metric tons of ore with an average grade of 260 g/t.

Shares in Santacruz reached a year-to-date high of C$0.59 on March 18.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

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SilverCrest Announces Positive Feasibility Study Results and Technical Report Filing for the Las Chispas Project

Silver Outlook

A Sneak Peek At What The Insiders Are Saying

Who We Are

Table of Contents

Silver Price Forecast: Top Trends for Silver in 2025

How will Trump's presidency impact silver?

Silver deficit expected to continue

Silver M&A set to heat up in 2025

Investor takeaway

Silver Price Update: Q1 2025 in Review

What happened to the silver price in Q1?

Tariff fears lift silver, but industrial demand uncertainty looms

Recession could provide headwinds

Silver price forecast for 2025

Top 5 Canadian Silver Stocks of 2025

1. Discovery Silver (TSX:DSV)

2. Almaden Minerals (TSX:AMM)

3. Avino Silver & Gold Mines (TSX:ASM)

4. Highlander Silver (CSE:HSLV)

5. Santacruz Silver Mining (TSXV:SCZ)

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