In anticipation of making a final construction decision based on a Feasibility Study for the Las Chispas Project (Las Chispas), SilverCrest Metals Inc. (SilverCrest or the Company) announced that its Canadian subsidiary has entered into a credit agreement (the "Credit Agreement") with an affiliate of RK Mine Finance ("RK") to provide a secured project financing facility (the "Facility") for a total of US$120 million for the purpose of funding the construction of Las Chispas. Concurrently, one of the Company's Mexican subsidiaries has entered into a fixed price Engineering, Procurement and Construction contract (the "EPC Contract") with Ausenco Engineering Canada Inc. ("Ausenco"), and one of its affiliates, for construction of the Las Chispas process plant. While the Feasibility Study is still pending finalization by Ausenco, with announcement of results targeted for late January 2021, SilverCrest is confident entering into the Credit Agreement and the EPC Contract based on the substantial feasibility information currently available. However, in the absence of a feasibility study of mineral reserves demonstrating economic and technical viability, there is increased uncertainty and historically a higher economic and technical risk of failure associated with the development of a commercially mineable deposit until such time as the Feasibility Study has been completed. Lump sum turnkey price of US$76.5 million will include construction of a 1,250 tonne per day process plant at Las Chispas; Execution of Ausenco's scope of work will begin in February 2021, and commissioning of the process plant is targeted for Second Quarter 2022, with production ramp-up starting in Third Quarter 2022; The construction execution plan includes stringent COVID-19 protocols including the use of a confined single room occupancy camp, designed to limit the potential for a virus outbreak at the site and in the local communities; and The EPC Contract represents a portion of the total scope of the planned construction but does not include development of the underground mine, confined camp, powerline, dry stack tailings facility, establishment of an analytical laboratory in the local community or the owner's site costs. The EPC Contract with Ausenco locks in a fixed price of US$76.5 million for construction of a 1,250 tonne per year process plant at Las Chispas. Ausenco will begin construction in February 2021, as the SilverCrest managed earthworks program for the process plant nears completion. Commissioning of the process plant is targeted for Second Quarter 2022 and production ramp-up is slated to begin in Third Quarter 2022.