Silver Mountain’s First Infill Drilling Phase Supports High-Grade Silver Continuity in Reliquias’ First Three Years of Production
TORONTO, CANADA – October 13, 2026 – Silver Mountain Resources Inc. (“Silver Mountain” or the “Company“) (TSX:AGMR, OTCQB:AGMRF, BVL:AGMR) is pleased to provide the results of the first stage of its infill drilling campaign at its 100%-owned Reliquias underground silver-polymetallic mine, located in the Castrovirreyna district of Huancavelica, central Peru.
Highlights
Drill Hole SMR-194-26-SCS (TOMAYCALLA and SACASIPUEDES SPLAY veins)
- 0.90 m @ 1,495 g/t Ag, 0.38 g/t Au, 3.40% Zn, 1.66% Pb, 0.33% Cu and
- 0.90 m @ 996 g/t Ag, 2.51 g/t Au, 6.32% Zn, 4.13% Pb, 0.47% Cu
Drill Hole SMR-199-26-GAB (MATACABALLO OESTE vein)
- 1.00 m @ 903 g/t Ag, 0.20 g/t Au, 8.08% Zn, 6.54% Pb, 0.83% Cu
Drill Hole SMR-195-26-PZR (MATACABALLO OESTE vein)
- 0.70 m @ 759 g/t Ag, 0.25 g/t Au, 5.25% Zn, 2.78% Pb, 0.47% Cu
Drill Hole SMR-174-26-AYA (SACASIPUEDES vein)
- 2.20 m @ 285 g/t Ag, 0.17 g/t Au, 17.98% Zn, 8.21% Pb, 0.71% Cu
Drill Hole SMR-184-26-AYA (SACASIPUEDES vein)
- 1.95 m @ 5.13 g/t Au, 70 g/t Ag, 11.13% Zn, 4.65% Pb, 0.15% Cu
Drill Hole SMR-179-26-AYA (AYAYAY and MATACABALLO OESTE veins)
- 1.60 m @ 379 g/t Ag, 0.08 g/t Au, 0.54% Zn, 0.87% Pb, 0.59% Cu and
- 2.45 m @ 272 g/t Ag, 0.58 g/t Au, 2.39% Zn, 1.38% Pb, 0.12% Cu
Drill Hole SMR-186-26-AYA (AYAYAY vein)
- 1.75 m @ 316 g/t Ag, 0.25 g/t Au, 0.20% Zn, 0.09% Pb, 0.08% Cu
- Infill drilling results support the Reliquias mine plan. Reliquias’ current approximately 7,000-metre infill drilling phase was designed to improve confidence in the mine plan and was focused primarily on Zones 1-3 (see Figure 1 below). These zones represent the areas scheduled to be mined in the first three years of production.
- Drilling supports high-grade continuity across multiple veins. The results of the drilling support the continuity of high-grade, silver-polymetallic veins in the portions of the deposit tested by the campaign.
Alvaro Espinoza, Chief Executive Officer of Silver Mountain, commented: “We are pleased with the results of the current phase of our infill drilling at Reliquias. With the mine now in production, these results are particularly important as they relate to the areas scheduled to be mined during the first three years of operations. This drilling phase delivered several high-grade intercepts, which we believe support the quality and continuity of the mineralization in our near-term plan. As we continue to ramp up production, we will incorporate these results into our block model and mine planning.”
Figure 1: Reliquias Mine Plan Sequencing and Major Veins
Table 1: Full Drilling Campaign Results
| Drill Platform | Number | Hole ID | From | To | Interval | Au | Ag | Pb | Zn | Cu | Vein |
| Drill hole | m | m | m | g/t | g/t | % | % | % | |||
| CAM-01 | 1 | SMR-172-26-AYA | 125.10 | 125.85 | 0.75 | 0.44 | 266.82 | 1.53 | 2.04 | 0.34 | AYAYAY |
| 206.45 | 206.85 | 0.40 | 8.55 | 102.70 | 4.43 | 5.01 | 0.72 | SORPRESA SPLAY | |||
| 208.85 | 210.20 | 1.35 | 0.13 | 217.50 | 2.11 | 4.43 | 0.32 | SACASIPUEDES | |||
| 2 | SMR-173-26-AYA | 145.25 | 145.55 | 0.30 | 0.28 | 134.00 | 0.63 | 1.03 | 0.04 | AYAYAY SPLAY | |
| 233.10 | 233.55 | 0.45 | 0.22 | 183.20 | 14.54 | 22.58 | 0.66 | SPLIT MATACABALLO | |||
| 3 | SMR-174-26-AYA | 165.75 | 166.25 | 0.50 | 0.05 | 628.00 | 1.99 | 0.70 | 0.84 | AYAYAY | |
| 267.65 | 269.85 | 2.20 | 0.17 | 284.91 | 8.21 | 17.98 | 0.71 | SACASIPUEDES | |||
| 4 | SMR-175-26-AYA | 243.00 | 243.65 | 0.65 | 0.24 | 198.30 | 1.93 | 2.23 | 0.11 | AYAYAY | |
| 5 | SMR-176-26-AYA | 137.10 | 137.65 | 0.55 | 0.38 | 299.00 | 1.31 | 1.60 | 0.23 | AYAYAY SPLAY | |
| 221.30 | 222.05 | 0.75 | 0.08 | 296.00 | 1.08 | 1.84 | 0.12 | TOMAYCALLA | |||
| 251.50 | 252.10 | 0.60 | 0.64 | 138.20 | 0.74 | 1.20 | 0.06 | SACASIPUEDES | |||
| 6 | SMR-177-26-AYA | 287.20 | 287.65 | 0.45 | 0.10 | 127.50 | 4.82 | 5.03 | 0.27 | SACASIPUEDES SPLAY | |
| 299.80 | 300.35 | 0.55 | 0.13 | 125.30 | 9.38 | 11.84 | 0.63 | SPLIT SACASIPUEDES | |||
| 7 | SMR-178-26-AYA | 195.90 | 198.00 | 2.10 | 0.81 | 244.50 | 0.38 | 0.67 | 0.05 | SACASIPUEDES | |
| 8 | SMR-179-26-AYA | 93.90 | 95.50 | 1.60 | 0.08 | 378.88 | 0.87 | 0.54 | 0.59 | AYAYAY | |
| 182.30 | 183.10 | 0.80 | 0.27 | 99.53 | 2.46 | 3.58 | 0.28 | SACASIPUEDES | |||
| 212.65 | 215.10 | 2.45 | 0.58 | 271.90 | 1.38 | 2.39 | 0.12 | MATACABALLO OESTE | |||
| 9 | SMR-180-26-AYA | 165.05 | 165.35 | 0.30 | 0.39 | 116.10 | 0.77 | 1.34 | 0.11 | AYAYAY | |
| 10 | SMR-181-26-AYA | 175.10 | 177.15 | 2.05 | 0.45 | 136.59 | 1.49 | 2.09 | 0.10 | SORPRESA | |
| 11 | SMR-182-26-AYA | 117.00 | 119.00 | 2.00 | 0.16 | 118.44 | 0.15 | 0.27 | 0.02 | AYAYAY | |
| 195.00 | 195.35 | 0.35 | 0.43 | 121.20 | 1.32 | 3.20 | 0.12 | SORPRESA | |||
| 208.15 | 208.55 | 0.40 | 1.03 | 203.00 | 7.74 | 10.64 | 0.17 | SACASIPUEDES | |||
| 12 | SMR-183-26-AYA | 126.95 | 127.60 | 0.65 | 0.44 | 78.66 | 0.50 | 0.40 | 0.01 | AYAYAY | |
| 13 | SMR-184-26-AYA | 232.50 | 232.75 | 0.25 | 0.15 | 106.40 | 5.02 | 6.00 | 0.65 | SORPRESA SPLAY | |
| 295.55 | 297.50 | 1.95 | 5.13 | 70.26 | 4.65 | 11.13 | 0.15 | SACASIPUEDES | |||
| CAM-02 | 14 | SMR-185-26-AYA | 228.30 | 228.60 | 0.30 | 0.25 | 356.00 | 3.24 | 10.99 | 0.27 | AYAYAY |
| 15 | SMR-186-26-AYA | 247.25 | 249.00 | 1.75 | 0.25 | 316.34 | 0.09 | 0.20 | 0.08 | AYAYAY | |
| 16 | SMR-187-26-AYA | 216.55 | 217.45 | 0.90 | 0.03 | 15.40 | 0.35 | 0.58 | 0.06 | AYAYAY SPLAY | |
| 261.90 | 262.40 | 0.50 | 0.10 | 29.10 | 0.26 | 0.60 | 0.12 | AYAYAY | |||
| CAM-03 | 17 | SMR-188-26-SCS | 74.00 | 74.35 | 0.35 | 0.07 | 243.00 | 2.82 | 4.36 | 0.30 | TOMAYCALLA |
| 18 | SMR-189-26-SCS | 45.70 | 46.50 | 0.80 | 0.19 | 103.80 | 0.93 | 1.27 | 0.18 | SACASIPUEDES | |
| 19 | SMR-190-26-SCS | 57.80 | 58.45 | 0.65 | 0.20 | 485.00 | 3.28 | 5.70 | 0.67 | SACASIPUEDES | |
| 121.80 | 123.10 | 1.30 | 0.04 | 258.15 | 0.95 | 1.64 | 0.37 | AYAYAY | |||
| 144.30 | 144.55 | 0.25 | 0.99 | 341.00 | 4.40 | 3.17 | 0.15 | AYAYAY SPLAY | |||
| 20 | SMR-191-26-SCS | 11.20 | 11.60 | 0.40 | 0.19 | 159.80 | 4.43 | 4.94 | 0.62 | SPLIT SACASIPUEDES | |
| 37.15 | 37.45 | 0.30 | 0.40 | 122.50 | 6.55 | 11.46 | 1.13 | SACASIPUEDES | |||
| 75.30 | 75.80 | 0.50 | 0.21 | 198.60 | 1.98 | 4.28 | 0.15 | TOMAYCALLA SPLAY | |||
| 94.45 | 94.90 | 0.45 | 0.35 | 541.00 | 1.22 | 2.72 | 0.62 | AYAYAY | |||
| 21 | SMR-192-26-SCS | 40.75 | 41.95 | 1.20 | 0.24 | 137.50 | 2.70 | 3.94 | 0.17 | SACASIPUEDES | |
| 22 | SMR-193-26-SCS | 39.45 | 39.75 | 0.30 | 0.57 | 111.30 | 2.33 | 5.21 | 0.13 | SACASIPUEDES | |
| 23 | SMR-194-26-SCS | 48.30 | 49.20 | 0.90 | 2.51 | 996.22 | 4.13 | 6.32 | 0.47 | SACASIPUEDES SPLAY | |
| 61.85 | 62.70 | 0.85 | 0.59 | 273.00 | 0.51 | 1.01 | 0.05 | SACASIPUEDES | |||
| 96.55 | 97.45 | 0.90 | 0.38 | 1,495.00 | 1.66 | 3.40 | 0.33 | TOMAYCALLA | |||
| 24 | SMR-195-26-PZR | 57.00 | 57.70 | 0.70 | 0.25 | 759.00 | 2.78 | 5.25 | 0.47 | MATACABALLO OESTE | |
| 62.00 | 62.30 | 0.30 | 0.92 | 142.10 | 0.07 | 0.09 | 0.01 | MATACABALLO OESTE SPLAY | |||
| 25 | SMR-196-26-GAB | 11.55 | 11.85 | 0.30 | 0.17 | 114.40 | 1.66 | 3.00 | 0.19 | SPLIT SACASIPUEDES | |
| 37.60 | 38.10 | 0.50 | 0.19 | 213.00 | 2.40 | 3.68 | 0.24 | SACASIPUEDES | |||
| 26 | SMR-197-26-GAB | 47.25 | 51.50 | 4.25 | 1.12 | 280.05 | 0.42 | 0.62 | 0.06 | MATACABALLO OESTE | |
| 54.80 | 55.10 | 0.30 | 2.08 | 359.00 | 0.60 | 1.74 | 0.13 | MATACABALLO OESTE SPLAY | |||
| 27 | SMR-198-26-GAB | 54.85 | 55.20 | 0.35 | 0.14 | 41.70 | 1.84 | 2.64 | 0.09 | MATACABALLO OESTE | |
| 55.60 | 55.90 | 0.30 | 0.15 | 167.40 | 0.31 | 0.46 | 0.06 | MATACABALLO OESTE SPLAY | |||
| 28 | SMR-199-26-GAB | 80.00 | 81.00 | 1.00 | 0.20 | 903.00 | 6.54 | 8.08 | 0.83 | MATACABALLO OESTE | |
| CAM-02 | 29 | SMR-200-26-AYA | 224.00 | 224.35 | 0.35 | 0.07 | 647.00 | 17.76 | 1.82 | 0.36 | AYAYAY |
| 30 | SMR-201-26-AYA | 235.40 | 236.20 | 0.80 | 0.04 | 13.70 | 0.06 | 0.27 | 0.01 | AYAYAY |
Notes: (1) Intervals are reported as drilled core lengths; true widths are not known at this time. (2) Collar locations, azimuths, dips and final depths for the drill holes reported in this news release are set out in Table 2.
Table 2: Drill Hole Collar Information
| Drill Hole | XCollar | YCollar | ZCollar | Azimuth | Dip | Final Depth |
| SMR-172-26-AYA | 473,928 | 8,539,703 | 4,470 | 220 | -40 | 275.0 |
| SMR-173-26-AYA | 473,928 | 8,539,702 | 4,470 | 189 | -44 | 266.0 |
| SMR-174-26-AYA | 473,928 | 8,539,705 | 4,471 | 250 | -40 | 284.1 |
| SMR-175-26-AYA | 473,928 | 8,539,705 | 4,471 | 261 | -45 | 362.1 |
| SMR-176-26-AYA | 473,927 | 8,539,705 | 4,471 | 259 | -20 | 400.2 |
| SMR-177-26-AYA | 473,928 | 8,539,705 | 4,470 | 243 | -50 | 434.6 |
| SMR-178-26-AYA | 473,924 | 8,539,704 | 4,471 | 243 | -10 | 206.0 |
| SMR-179-26-AYA | 473,927 | 8,539,701 | 4,470 | 215 | -19 | 226.9 |
| SMR-180-26-AYA | 473,929 | 8,539,704 | 4,470 | 215 | -55 | 338.4 |
| SMR-181-26-AYA | 473,933 | 8,539,703 | 4,471 | 205 | -13 | 265.0 |
| SMR-182-26-AYA | 473,929 | 8,539,702 | 4,470 | 195 | -33 | 240.6 |
| SMR-183-26-AYA | 473,932 | 8,539,703 | 4,472 | 175 | -19 | 225.4 |
| SMR-184-26-AYA | 473,932 | 8,539,703 | 4,471 | 176 | -45 | 318.7 |
| SMR-185-26-AYA | 474,171 | 8,539,716 | 4,455 | 184 | 10 | 252.7 |
| SMR-186-26-AYA | 474,171 | 8,539,717 | 4,455 | 187 | 23 | 269.4 |
| SMR-187-26-AYA | 474,172 | 8,539,717 | 4,455 | 165 | 10 | 282.4 |
| SMR-188-26-SCS | 473,730 | 8,539,600 | 4,376 | 354 | 12 | 149.8 |
| SMR-189-26-SCS | 473,730 | 8,539,599 | 4,378 | 359 | 45 | 131.8 |
| SMR-190-26-SCS | 473,730 | 8,539,599 | 4,375 | 353 | -40 | 160.7 |
| SMR-191-26-SCS | 473,731 | 8,539,599 | 4,375 | 38 | -5 | 117.3 |
| SMR-192-26-SCS | 473,731 | 8,539,599 | 4,377 | 41 | 40 | 159.1 |
| SMR-193-26-SCS | 473,732 | 8,539,598 | 4,375 | 64 | -6 | 164.6 |
| SMR-194-26-SCS | 473,730 | 8,539,599 | 4,376 | 338 | 29 | 140.0 |
| SMR-195-26-PZR | 473,726 | 8,539,595 | 4,375 | 225 | -20 | 261.4 |
| SMR-196-26-GAB | 473,729 | 8,539,600 | 4,376 | 13 | 20 | 69.2 |
| SMR-197-26-GAB | 473,727 | 8,539,594 | 4,375 | 205 | 0 | 89.7 |
| SMR-198-26-GAB | 473,728 | 8,539,593 | 4,377 | 179 | 20 | 65.9 |
| SMR-199-26-GAB | 473,727 | 8,539,595 | 4,375 | 243 | 0 | 105.9 |
| SMR-200-26-AYA | 474,167 | 8,539,719 | 4,455 | 207 | 6 | 242.6 |
| SMR-201-26-AYA | 474,167 | 8,539,719 | 4,455 | 207 | 20 | 254.8 |
About Silver Mountain Resources Inc.
Silver Mountain Resources Inc. is a Canadian mining company operating and advancing silver-polymetallic projects in Peru. The Company’s principal asset is the Reliquias Mine, an underground silver-polymetallic mine in the Castrovirreyna district of Huancavelica, which has commenced production in Q3 2026. 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.
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, and Gerardo Acuña, P. Eng. and Registered Member FAusIMM CP (Mining), each of whom 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. Mr. Cruz Bermudez has verified the data disclosed in this news release, including the sampling, analytical and test data underlying the drilling results, by reviewing assay certificates, QA/QC results and drill logs. 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 is not based on a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, the Reliquias project 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 the decision were supported by a feasibility study.
References in this news release to the Reliquias mine plan, production sequencing and the areas scheduled to be mined are derived from the Reliquias PEA (as defined below) and internal management estimates and have been reviewed and approved by the Company’s qualified person. Investors are cautioned that 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, and there is no certainty that the results of the Reliquias PEA will be realized.
Scientific and Technical Disclosure
Sampling, QA/QC and Analytical Procedures
Drill core of HQ diameter was logged and sampled by Silver Mountain geologists at the Reliquias core storage facility. Sample intervals were selected based on geological contacts and do not exceed 4.25 metres in length. Core was cut in half using a diamond saw, with one half retained for reference and the other half bagged, sealed with a plastic zip tie and identified with a unique sample number pending shipment. Samples were sent by batch to the Bureau Veritas laboratory in Lima, Peru for preparation and assaying. Silver Mountain independently inserts certified control standards, fine and coarse blanks, and duplicates into the sample stream to monitor data quality, and these 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 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 ore-grade ICP analytical techniques, while high gold values are re-analyzed by fire assay with a gravimetric finish. No material QA/QC issues were identified in respect of the results reported in this news release.
CONTACT INFORMATION
For more information, please visit our website at agmr.ca or contact:
| Alvaro Espinoza | |
| Chief Executive Officer | |
| Silver Mountain Resources Inc. | |
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 expected impact of the infill drilling results on the Reliquias block model, mine plan and production sequencing, including in respect of the areas scheduled to be mined during the first three years of production; (ii) the grade, continuity and quality of mineralization in Zones 1-3 of the Reliquias mine plan; (iii) the Company’s expectations regarding the ramp-up of production at the Reliquias Mine; (iv) the assumptions, qualifications and limitations in the Reliquias PEA; and (v) 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 assay results and the reliability of the Company’s sampling and QA/QC procedures; the accuracy of the Company’s geological interpretation and block model; 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 feasibility study of mineral reserves and therefore involves a higher degree of uncertainty and risk of economic or technical failure; the risk that infill drilling results may not be representative of the grade, thickness or continuity of mineralization that is ultimately mined; 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.