OR Dissemination IN OR into the United States/ Toronto
Silver Mountain Resources Advances Toward
Production at Reliquias Mine; Fully Funded
and On Track for Q3 2026 Restart
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN OR INTO
THE UNITED STATES/
TORONTO
,
April 15, 2026
/CNW/ - Silver Mountain Resources Inc. ("
Silver Mountain
" or the
"
Company
") (TSX: AGMR) (OTCQB: AGMRF) (BVL: AGMR) is pleased to provide a
comprehensive update on construction, underground development, and plant commissioning
progress at its Reliquias mine in Huancavelica, Peru.
The Company is transitioning from development to production at its Reliquias mine, with strong
execution across underground development and plant readiness. With a treasury position of over
US$30 million, the Company is pleased to confirm that it is fully-funded for the planned restart,
significantly reducing execution risk as Silver Mountain advances its Reliquias mine toward
commercial production.
Key Highlights
Over 3,000 metres of underground linear development completed, supporting mine readiness
for the commencement of operations
All major plant equipment delivered to site following refurbishment, with installation in progress
Approximately 12,000 tonnes of ore stockpiled, supporting the planned commencement of
operations
Tailings storage facility fully completed and operational
Camp infrastructure fully rehabilitated and operational
Ancillary infrastructure, including power lines and water treatment facilities, fully operational
The Company also confirms that its infill drilling program at Reliquias is progressing as planned,
supporting mineral resource conversion and near-term mine planning.
Brownfield exploration activities at the Company's Caudalosa Mine are also advancing according to
plan, reinforcing Silver Mountain's broader district-scale growth strategy.
All workstreams are aligned with the Company's timeline, and the restart of operations at Reliquias
remains on track for Q3 2026.
Alvaro Espinoza, Chief Executive Officer of Silver Mountain, commented:
"We are very
pleased with the execution achieved across both the mine and plant at Reliquias. The completion
of over 3,000 metres of underground development and the installation of all major plant equipment
mark a critical milestone as we transition into production.
With the project fully funded and all key
infrastructure in place, we have significantly de-risked the restart. At the same time, we continue to
advance infill drilling at Reliquias and brownfield exploration at Caudalosa, positioning the
Company for both near-term production and long-term growth. We remain firmly on track to restart
operations in the third quarter of 2026."
About Silver Mountain Resources Inc.
Silver Mountain Resources Inc. is a Canadian mining company focused on the exploration and
development of silver projects in Peru. The Company's principal asset is the Reliquias Project, a
past-producing silver mine located in the Castrovirreyna district of Huancavelica. Silver Mountain is
committed to creating long-term value for its shareholders through responsible mining, strong
community engagement, and sustainable development practices.
The scientific and technical information in this news release relating to the Reliquias Mine is
supported by the technical report entitled
"Amended and Restated NI 43-101 Technical Report:
Preliminary Economic Assessment, Reliquias Mine"
dated October 28, 2024 (with an effective date
of May 15, 2024), prepared for the Company by Steven L. Park, Antonio Cruz Bermudez and
Gerardo Acuña (the "Reliquias PEA"). Reference should be made to the full text of the Reliquias
PEA, which is available on SEDAR+ (
www.sedarplus.ca
) under Silver Mountain's issuer profile, for
the assumptions, qualifications and limitations relating thereto.
Caution Regarding Forward-Looking Statements
This news release contains "forward-looking statements" and "forward-looking information" within
the meaning of applicable Canadian securities legislation (collectively, "
forward-looking
statements
"). Forward-looking statements are not guarantees of
future
performance and, by their
nature, require Silver Mountain to make certain assumptions and necessarily involve known and
unknown risks and uncertainties that could cause actual results to differ materially from those
expressed or implied in these forward-looking statements. Words such as "may", "will", "would",
"could", "expect", "believe", "plan", "anticipate", "intend", "estimate", "continue", "objective",
"strategy", "target", "potential", "positioned", "on track", and similar expressions, including the
negative or grammatical variations thereof, are intended to identify forward-looking statements.
Forward-looking statements in this news release include, but are not limited to, statements
pertaining to: (i) the planned restart of operations at the Reliquias Mine in Q3 2026, including the
timing and completion of mine development, equipment installation, and plant commissioning; (ii)
the infill drilling program at Reliquias and its objectives relating to mineral resource conversion and
mine planning; (iii) the 14,000-metre drill program at the Caudalosa Mine, including objectives
related to resource expansion, grade enhancement, and delineation of additional mineable zones;
(iv) management's target of restarting operations at the Caudalosa Mine in Q3 2026, subject to drill
results and other factors; (v) the Company's district-scale growth strategy; (vi) the Company's
expectations regarding cash flow potential and operational leverage to silver prices following the
restart; and (vii) the expectation that the Caudalosa drill program will represent the beginning of a
structured growth pipeline to convert geological potential into near-term production visibility and
long-term value creation.
The forward-looking statements in this news release are based on certain assumptions, including,
but not limited to: the Company's ability to complete the planned restart of operations at the
Reliquias Mine and the Caudalosa Mine on the anticipated timeline and within budget; the
continued availability of sufficient capital to fund the restart and drilling programs; favourable
results from the infill drilling program at Reliquias and the exploration program at Caudalosa; the
accuracy of current mineral resource estimates; the stability of silver and other metal prices at
levels that support economic production; the availability of skilled labour, equipment, and supplies;
favourable operating conditions; the absence of material delays or disruptions; the Company's
continued compliance with all applicable regulatory requirements; and favourable political,
regulatory, and economic conditions in Peru.
Forward-looking statements are subject to a number of risks and uncertainties, many of which are
beyond Silver Mountain's control, that could cause actual results and events to differ materially
from those disclosed in or implied by such forward-looking statements. Such risks and
uncertainties include, but are not limited to: the risk that the planned restart of operations at the
Reliquias Mine or the Caudalosa Mine may be delayed or may not occur as anticipated; the risk
that the drilling programs may not achieve anticipated results; the risk that actual capital
expenditures may exceed budgeted amounts; fluctuations in commodity prices, including silver
prices; risks related to mineral resource estimates; risks related to the Company's ability to obtain
and maintain necessary permits and licences; operational risks inherent in mining activities; risks
related to operating in Peru, including political, regulatory, and economic uncertainties; general
economic, market, and business conditions; and other factors identified in the Company's
continuous disclosure record filed on SEDAR+ (
www.sedarplus.ca
) under Silver Mountain's issuer
profile, including under the headings (i) "Caution Regarding Forward-Looking Statements" and
"Risk Factors" in the Annual Information Form of the Company dated July 17, 2025 for the year
ended December 31, 2024; (ii) "Risk Factors" in the final base shelf prospectus of the Company
dated October 16, 2025; and (iii) "Risk Factors" in the prospectus supplement of the Company
dated November 12, 2025.
Silver Mountain disclaims any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events, or otherwise, except as required
by applicable law. New factors emerge from time to time, and it is not possible for Silver Mountain
to predict all such factors or to 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.
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For further information:
For further information, please contact: Alvaro Espinoza, Chief Executive
Officer, Silver Mountain Resources Inc., 82 Richmond Street East, Toronto, ON M5C 1P1, +51 997
377 968, [email protected]
CO: Silver Mountain Resources Inc.
CNW 06:00e 15-APR-26