SILVER MOUNTAIN REPORTS HIGH GRADE SILVER IN UNDERGROUND CHANNEL SAMPLING PROGRAM AND PROVIDES UPDATE ON STOCKPILING AT ITS RELIQUIAS PROJECT, PERU Key Highlights – Channel sampling at Reliquias Ayayay vein: 1.07m
SILVER MOUNTAIN REPORTS HIGH GRADE
SILVER IN UNDERGROUND CHANNEL
SAMPLING PROGRAM AND PROVIDES
UPDATE ON STOCKPILING AT ITS RELIQUIAS
PROJECT, PERU
Key Highlights – Channel sampling at Reliquias
Ayayay vein:
1.07m
@ 336 g/t Ag, 10.7 % Pb, 11.7 % Zn, 2.7 % Cu and 0.34 g/t Au
Ayayay vein:
1.04m
@ 414 g/t Ag, 17.3 % Pb, 8.5 % Zn, 3.1 % Cu and 0.28 g/t Au
Tensional Ayayay vein:
0.82m
@ 510 g/t Ag, 7.4% Pb, 13.3% Zn, 1.0% Cu and 0.31 g/t Au
Tensional Ayayay vein:
1.17m
@ 168 g/t Ag, 5.3% Pb, 10.1% Zn, 0.4% Cu and 0.15 g/t Au
TORONTO
,
Nov. 27, 2025
/CNW/ - Silver Mountain Resources Inc. ("Silver Mountain" or the
"Company") (TSXV: AGMR) (OTCQB: AGMRF) is pleased to provide an update on ongoing
underground channel sampling and early-stage stockpiling of mineralized material at its Reliquias
Project, located in Huancavelica,
Peru
. These activities are part of the Company's planned mine-
readiness work aimed at starting commercial production at its Reliquias Project during Q3 of 2026.
Alvaro Espinoza
, President and CEO of Silver Mountain, said: "
We are encouraged by the
consistent strong grades from the Ayayay vein and associated structures – reinforcing the high-
grade quality of the Reliquias deposit. The commencement of stockpiling adds to the substantial
progress that we have been making at Reliquias, now visible on site. We are advancing the project
with purpose as we work toward our targeted commercial production in Q3 2026. Our shareholders
can expect continued delivery on the milestones that support that timeline. I am proud to highlight
the outstanding performance of our team underground.
"
Recent channel samples collected by the Company's technical team from the Ayayay and
Matacaballo vein systems, which include conjugate – or "Tensional" – veins, on Level 340 have
returned high grades of silver, lead, zinc, and copper. The silver equivalent grades obtained during
this round of sampling often exceed those reported in the mineral resource estimate (see
https://agmr.ca/wp-content/uploads/2025/01/Final_-_7_-_AR_Tech_Report.pdf
), confirming the
existence of readily accessible high grade polymetallic veins at various mine levels. All samples were
collected perpendicular to the veins using portable rock saws. Table 1 shows a summary of the
results from the eight recently sampled channels.
Table 1: Underground channel samples reported in this news release
Level
Vein
Channel
Sample
Type
Width
Silver
Lead
Zinc
Copper
Gold
Ag_Eq
1
m
g/t
%
%
%
g/t
Oz/t
340
Ayayay
CN-07
SMR-025269
Vein
1.07
336
10.70
11.70
2.70
0.34
27.34
CN-08
SMR-025272
Vein
1.04
414
17.30
8.50
3.06
0.28
32.08
Tensional Ayay_1
CN-05
SMR-025262
Vein
0.82
510
7.40
13.30
0.98
0.31
30.11
CN-06
SMR-025265
Vein
1.17
168
5.30
10.10
0.38
0.15
15.07
Tensional Ayay_2
CN-01
SMR-025248
Vein
0.65
82
3.20
4.10
0.24
0.26
7.69
CN-04
SMR-025259
Vein
0.97
114
2.43
4.10
0.32
0.09
8.00
Matacaballo
CN-02
SMR-025251
Vein
0.90
16
0.33
0.53
0.03
0.04
1.13
CN-03
SMR-025255
Vein
0.44
29
0.11
0.75
0.04
0.07
1.61
Note
:
1.
Silver equivalent (Ag_Eq) grades are calculated using metal prices of: Ag
US$32.40
/oz., Au
US$3,188
/oz, Cu
US$9,502
/tm, Pb
US$1,984
/tm and Zn
US$2,756
/tm. Silver equivalent grade is
calculated as Ag_Eq (oz/t) = (Ag (oz/t) + (Au (g/t) * 2.15) + (Cu (%) * 1.03) + (Pb (%) * 0.58) + (Zn
(%) * 0.58), using metallurgical recoveries of 94.5% Ag, 81.2% Au, 89.6% Pb, 85% Zn, and 93.6%
Cu.
Figure 1 below presents a level plan of Level 340 at the Reliquias mine, where Company crews are
continuing to upgrade underground workings in preparation for upcoming commercial production.
Figure 1: Detail plan at 340 level showing sections of the Ayayay and Matacaballo vein systems
(CNW Group/Silver Mountain Resources Inc.)
The Company also announces that it has now stockpiled approximately 525 metric tonnes of strongly
mineralized material from ongoing rehabilitation and development activities at Reliquias, sourced
entirely from the Ayayay vein system. This material was collected from 22 metres of new
underground development, with initial extraction focused on levels 340 and 390, contributing roughly
150 and 375 tonnes respectively, all of which have been transported to the stockpile at the nearby
Caudalosa plant. Building this stockpile is a key step in ensuring a smooth and efficient ramp-up
once commercial mining operations begin. With underground work advancing steadily, the Company
remains on track to meet its commitment to commence commercial production at the Reliquias mine
in Q3 2026.
On Behalf of the Board of Directors of Silver Mountain Resources Inc.
Alvaro Espinoza
, Chief Executive Officer
Qualified Person
The scientific and technical content in this news release has been reviewed and approved by Antonio
Cruz Bermudez, P. Geo. and Registered Member FAIG, who is a "qualified person" (as defined in
National Instrument 43-101 –
Standards of Disclosure for Mineral Projects
) and independent of the
Company for purposes of Section 1.5 of National Instrument 43-101 –
Standards of Disclosure for
Mineral Projects
.
About Silver Mountain
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.
For additional information on the Reliquias Project, please refer to the technical report titled
"Amended and Restated NI 43-101 Technical Report: Preliminary Economic Assessment,
Reliquias Mine, Department of Huancavelica,
Peru
"
dated
October 28, 2024
(with an effective date
of
May 15, 2024
), which was prepared for the Company by
Steven L. Park
,
Antonio Cruz Bermudez
and Gerardo Acuña (the "
Reliquias PEA
"). Readers are encouraged to read the Reliquias PEA in its
entirety, including all assumptions, parameters, qualifications, limitations and methods therein. The
Reliquias PEA is intended to be read as a whole, and sections should not be read or relied upon out
of context. The Reliquias PEA was prepared in accordance with NI 43-101 and is available
electronically on SEDAR+ (
www.sedarplus.ca
) under Silver Mountain's issuer profile.
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
.
Sampling, QA/QC, and Analytical Procedures
Silver Mountain follows systematic and rigorous sampling and analytical protocols which meet
industry standards. These protocols are summarized below.
Rock channel samples were collected with an electric percussion hammer and do not exceed
1.0 m
in length. Channels are broken at obvious geologic boundaries to correctly separate rock types and
mineralization styles. The sample bags were sealed with a plastic zip tie and identified with a unique
sample number, pending shipment to a certified laboratory sample preparation facility.
Samples are sent by batch to the ALS and Certimin laboratories in
Lima, Peru
for assaying. Silver
Mountain independently inserts certified control standards, fine and coarse blanks, and duplicates
into the sample stream to monitor data quality. These standards are inserted "blindly" to the
laboratory in the sample sequence prior to departure from the core storage facilities. At the
laboratory, samples are dried, crushed, and pulverized and then analyzed using a fire assay-AA
finish analysis for gold and a full multi-acid digestion with ICP-AES analysis for other elements.
Samples with results that exceed maximum detection values for the main elements of interest (Ag,
Zn, Pb, Cu) are re-analyzed using precise ore-grade ICP analytical techniques, while high gold
values are re-analyzed by fire assay with a gravimetric finish.
Caution Regarding Forward-Looking Statements
This news release contains "forward-looking statements" and "forward-looking information" within the
meaning of applicable Canadian securities legislation (together, "
forward-looking
statements
").These forward-looking statements, 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. Forward-looking statements are not guarantees of performance. Words such as "may",
"will", "would", "could", "expect", "believe", "plan", "anticipate", "intend", "estimate", "continue",
"objective", "strategy", variants of these words or the negative or comparable terminology, as well
as terms usually used in the future and the conditional, are intended to identify forward-looking
statements. In this news release, forward-looking statements include statements pertaining to: the
significance of the channel sampling at Reliquias and early-stage stockpiling of mineralized material;
the Company's planned mine readiness work; the timing and ability of the Company to recommence
commercial production at its Reliquias Project during Q3 of 2026 (if at all); management's belief of
the strong grade from the Ayayay vein; the ability of the Company to achieve stated milestones;
expectations regarding having access to sufficient funding to achieve stated milestones; the
assumptions, qualifications and limitations in the Reliquias PEA; the capital resources available to the
Company; the ability of the Company to access capital as and when required and on terms
acceptable to the Company; the ability of the Company to execute its planned activities;
management's perceptions of historical trends, current conditions and expected future
developments; future mining activities.
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
identified in the Company's continuous disclosure record 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 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.
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 news release.
SOURCE
Silver Mountain Resources Inc.
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For further information:
For Further Information Contact: Alvaro Espinoza, Chief Executive Officer,
[email protected]; Silver Mountain Resources Inc, 82 Richmond Street East, Toronto, ON M5C
1P1, +51 997 903 576, [email protected], www.agmr.ca
CO: Silver Mountain Resources Inc.
CNW 05:00e 27-NOV-25