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Silver Mountain Resources Inc. (“Silver Mountain” or the “Company”) (TSXV: AGMR, OTCQB: AGMRF) is pleased to announce that it has commenced preparatory activities aimed at restarting operations at its Reliquias Project, located in the Castrovirreyna district of Huancavelica, Peru.

Toronto, Ontario, February 10, 2022 – Silver Mountain Resources Inc. (“Silver Mountain” or the “Company”) is pleased to welcome Mrs. Victoria Vargas and Mr. Bryan Coates to the Silver Mountain board of directors (the “Board”) as Independent Non-Executive Directors. In addition, the Company has appointed Mr. Torsten Danne, to the role of Director of Exploration.

Silver Mountain Resources Inc. (“Silver Mountain” or the “Company”) is pleased to announce that it has closed its previously announced initial public offering (the
“Offering”) of 46,000,000 units of the Company (the “Units”) at a price of $0.50 per Unit (the “Offering Price”), for gross proceeds of $23,000,000. The Company has also issued an additional 6,900,000 Units at the Offering Price, for additional gross proceeds of $3,450,000, in connection with the exercise in full of the over-allotment option.