SILVER MOUNTAIN ANNOUNCES FIRST CONCENTRATE SALE

TORONTO, CANADA – November 12, 2026 – Silver Mountain Resources Inc. (“Silver Mountain” or the “Company“) (TSX:AGMR, OTCQB:AGMRF, BVL:AGMR) is pleased to announce that it has agreed the sale and completed its first shipment of bulk and zinc concentrates from its 100%-owned Reliquias silver-polymetallic mine in central Peru, representing an estimated provisional sales value of approximately US$2.7 million¹.

This milestone marks the beginning of revenue generation from Reliquias and represents another step in the Company’s ramp-up of operations toward commercial production.

Advancing Toward Commercial Production

Following the restart of production in September 2026, Silver Mountain continues to advance its operational ramp-up and is targeting processing throughput of 800 tonnes per day (“tpd”) during the second half of 2027.

As throughput increases and processing progressively transitions from previously stockpiled material to newly mined ore, Silver Mountain expects to advance toward commercial production.

Alvaro Espinoza, Chief Executive Officer of Silver Mountain, commented: “Our first concentrate shipment, representing approximately US$2.7 million in estimated provisional sales value, marks an important milestone for Silver Mountain as we begin generating revenue from Reliquias.

This achievement demonstrates the progress we have made in restarting the operation and brings us another step closer to commercial production.

With production ramping up at Reliquias and exploration opportunities across our district, including at Caudalosa, we believe Silver Mountain is well positioned to continue advancing its operations and pursue long-term value for our shareholders.”

Looking Ahead

Silver Mountain remains focused on increasing production, advancing underground mine development and achieving commercial production at Reliquias.

In parallel, the Company continues to evaluate opportunities to expand its mineral resource base across its land package in the Castrovirreyna mining district.

The Company expects to provide its next operational update in January 2027.

About Silver Mountain Resources Inc.

Silver Mountain Resources Inc. is a Canadian mining company focused on operating and advancing silver-polymetallic assets in Peru.

The Company’s principal asset is the Reliquias Mine, located in the Castrovirreyna district of Huancavelica, Peru, where production commenced in September 2026.

Silver Mountain is committed to creating long-term shareholder value through responsible mining, operational excellence and the development of its exploration portfolio.

Certain scientific and technical information 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”). The Reliquias PEA is available under the Company’s issuer profile on SEDAR+.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Gerardo Acuña, P. Eng. and Registered Member FAusIMM CP (Mining), who is a “qualified person” (as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101“)) and independent of the Company for purposes of Section 1.5 of NI 43-101. Mr. Acuña has verified the data disclosed in this news release, including the operational and metallurgical information, by reviewing plant production records, preliminary concentrate assay results and shipping documentation. There were no limitations on the verification process.

Production Decision Not Based on a Pre-Feasibility Study or Feasibility Study

The Company’s production decision at Reliquias was not based on a pre-feasibility study or feasibility study of mineral reserves demonstrating economic and technical viability.

Accordingly, Reliquias does not have defined mineral reserves, and there is a higher degree of uncertainty and risk of economic or technical failure associated with the production decision than would be the case if it were supported by such a study.

The Reliquias PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the results of the Reliquias PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

CONTACT INFORMATION

For more information, please visit our website at agmr.ca or contact:

Note:

1.The estimated sales value is based on preliminary shipment information and remains subject to final weights, assays, applicable metal prices, contractual deductions and customary settlement adjustments. Actual revenue recognized may differ from this estimate.

CAUTIONARY NOTE 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 estimated provisional sales value of the first concentrate shipment and the final settlement thereof; (ii) the Company’s expectations regarding the ramp-up of throughput at the Reliquias Mine toward 800 tpd and the timing thereof; (iii) the achievement and timing of commercial production at the Reliquias Mine; (iv) metallurgical recoveries and the transition from stockpiled material to newly mined ore; (v) the advancement of underground mine development; (vi) exploration opportunities, including at Caudalosa, and the potential expansion of the Company’s mineral resource base; (vii) the timing of the Company’s next operational update; (viii) the assumptions, qualifications and limitations in the Reliquias PEA; and (ix) the Company’s broader strategy to develop and expand its silver-polymetallic operations in central Peru.

The forward-looking statements in this news release are based on certain assumptions, including, but not limited to: the accuracy of preliminary weights and assays of the concentrates shipped; metal prices, payable terms, treatment and refining charges and penalties consistent with management’s expectations; the performance by the Company’s offtaker(s) of their obligations; the Company’s ability to maintain consistent production rates and achieve the planned throughput ramp-up at the Reliquias Mine; the continued mechanical and operational performance of the processing plant; 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 expressed in or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to: the risk that the production decision at Reliquias is not based on a pre-feasibility study or feasibility study of mineral reserves and therefore involves a higher degree of uncertainty and risk of economic or technical failure; the risk that final weights, assays, metal prices and other settlement adjustments may result in realized revenue that differs materially from the estimated sales value; the risk that the Company may not achieve commercial production or regular monthly concentrate shipments on the anticipated timeline or at all; risks related to concentrate transportation, marketing and counterparty performance; the risk that actual production levels may differ from estimated amounts; the risk that the throughput ramp-up may be delayed or may not achieve anticipated rates; fluctuations in commodity prices, including silver, gold, lead, zinc and copper prices; risks related to mineral resource estimates and the absence of mineral reserves; 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 April 30, 2026 for the year ended December 31, 2025; and (ii) “Risk Factors” in the amended and restated short form base shelf prospectus of the Company dated May 8, 2026. 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.