Silver Mountain Announces $7.5 Million Public Offering

Silver Mountain Announces $7.5 Million Public

Offering

TORONTO

,

April 16, 2024

/CNW/ - Silver Mountain Resources Inc. (TSXV: AGMR) (OTCQB:

AGMRF) ("

Silver Mountain

" or the "

Company

"), is pleased to announce that it has entered into an

agreement pursuant to which Eight Capital and SCP Resource Finance LP, as joint bookrunners and

co-lead agents (together, the "

Agents

"), will offer for sale up to 68,200,000 units of the Company

(the "

Units

") on a best efforts basis (the "

Offering

"), at an offering price of

$0.11

per Unit, for

aggregate gross proceeds of up to

$7,502,000

. The Offering will be conducted pursuant to an

agency agreement to be entered into on or before

April 18, 2024

among the Company and the

Agents.

Each Unit will be comprised of one common share in the capital of the Company (each a "

Common

Share

") and one Common Share purchase warrant (each a "

Warrant

"). Each Warrant shall entitle

the holder to acquire an additional Common Share for a period of 48 months, at an exercise price of

$0.135

.

The Company has granted the Agents an option (the "

Over-Allotment Option

") exercisable in whole

or in part, to purchase up to an additional 15% of the number of Units (including the components

thereof) of the Offering on the same terms, at any time up to 30 days following the Closing Date.

The Units will be offered in all provinces and territories of

Canada

, except Québec, by way of a

prospectus supplement to the Company's short form base shelf prospectus dated

November 9,

2022

, to be filed in all provinces and territories of

Canada

. The Units may also be offered in

the

United States

on a private placement basis pursuant to applicable exemptions from the registration

requirements of the United States Securities Act of 1933, as amended (the "

1933

Act

") and

applicable state securities laws, and in other offshore jurisdictions provided that no prospectus filing

or comparable obligation arises.

The Offering is expected to close on or about

April 24, 2024

(the "

Closing

Date

") and is subject to

certain conditions including, but not limited to, the receipt of all necessary regulatory and stock

exchange approvals, including the approval of the TSX Venture Exchange.

The Company intends to use the proceeds of the Offering for the development of the Reliquias mine,

and for working capital and general corporate purposes.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall

there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be

unlawful. The securities being offered have not been, nor will they be, registered under the 1933 Act

and may not be offered or sold in

the United States

or to, or for the account or benefit of, U.S.

persons absent registration or an applicable exemption from the registration requirements of the

1933 Act, and applicable state securities laws.

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 NI 43-101 Technical Report: Mineral Resource Update, Reliquias Mine, dated

March 8, 2024

, effective date

January 1, 2024

, available at

https://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 and

holds 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.

Forward Looking Statements

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 "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.

View original content:

http://www.newswire.ca/en/releases/archive/April2024/16/c2889.html

%SEDAR: 00052252E

For further information:

Alvaro Espinoza, Chief Executive Officer, [email protected], Silver

Mountain Resources Inc., 82 Richmond Street East, Toronto, ON M5C 1P1, +51 954 475 319,

[email protected], www.agmr.ca

CO: Silver Mountain Resources Inc.

CNW 19:57e 16-APR-24