CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS AND NOTES

FOR THE THREE MONTHS ENDED MARCH 31, 2019

(Unaudited - Expressed in Canadian Dollars)

SILVERCREST METALS INC.

TABLE OF CONTENTS

	Page
Condensed Consolidated Interim Statements of Financial Position	3
Condensed Consolidated Interim Statements of Comprehensive Loss	4
Condensed Consolidated Interim Statements of Cash Flows	5
Condensed Consolidated Interim Statements of Changes in Shareholders’ Equity	6
Notes to the Condensed Consolidated Interim Financial Statements	7 – 19

2

SILVERCREST METALS INC.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION

(UNAUDITED - EXPRESSED IN CANADIAN DOLLARS)

AS AT

		March 31, 2019			December 31, 2018
ASSETS
Current assets
Cash and cash equivalents	$	37,146,704		$	44,013,742
Amounts receivable (note 5)		364,457			170,574
Taxes receivable		38,091			36,519
Prepaids		469,218			353,095
Total current assets		38,018,470			44,573,930
Non-current assets
Taxes receivable		4,097,198			3,877,934
Deposits		605,527			70,553
Property and equipment (notes 2 and 4)		2,077,745			1,302,884
Exploration and evaluation assets (note 3)		37,930,916			31,615,763
Total non-current assets		44,711,386			36,867,134
TOTAL ASSETS	$	82,729,856		$	81,441,064
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities (note 5)	$	2,438,068		$	1,462,538
Lease liability (note 2)		173,093			-
Total current liabilities		2,611,161			1,462,538
Non-current liabilities
Lease liability (note 2)		442,321			-
Total liabilities		3,053,482			1,462,538
Shareholders' equity
Capital stock (note 6)		88,002,255			86,745,544
Share-based payment reserve (note 6)		7,669,197			6,196,165
Deficit		(15,995,078	)		(12,963,183	)
Total shareholders' equity		79,676,374			79,978,526
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	82,729,856		$	81,441,064
Nature of operations (note 1)
Subsequent event (note 9)

Approved by the Board and authorized for issue on May 8, 2019:

"N. Eric Fier” Director “Graham C. Thody” Director

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

3

SILVERCREST METALS INC.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS

(UNAUDITED - EXPRESSED IN CANADIAN DOLLARS)

FOR THE THREE MONTHS ENDED MARCH 31,

		2019			2018
Depreciation (note 4)	$	36,865		$	865
Exploration expenditures (recovery)		34,120			(23,936	)
Foreign exchange loss (gain)		952,342			(391,937	)
Insurance		68,188			14,397
Interest expense (note 2)		15,658			-
Interest income		(309,885	)		(24,794	)
Management and director fees (note 5)		119,437			74,296
Office and miscellaneous		39,629			68,115
Professional fees (note 5)		232,089			62,642
Regulatory and transfer agent fees		122,872			26,061
Remuneration (note 5)		275,518			239,068
Share-based compensation (notes 5 and 6)		1,234,024			1,019,104
Shareholder and investor relations		41,117			69,384
Technical consultants		6,000			6,000
Tradeshow and travel		163,921			119,341
Net and comprehensive loss for the period	$	(3,031,895	)	$	(1,258,606	)
Basic and diluted comprehensive loss per common share	$	(0.04	)	$	(0.02	)
Weighted average number of common shares outstanding		85,248,361			63,973,641

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

4

SILVERCREST METALS INC.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

(UNAUDITED - EXPRESSED IN CANADIAN DOLLARS)

FOR THE THREE MONTHS ENDED MARCH 31,

		2019			2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period	$	(3,031,895	)	$	(1,258,606	)
Items not affecting cash:
Depreciation		36,865			865
Interest expense		15,658			-
Interest income		(309,885	)		(24,794	)
Share-based compensation		1,234,024			1,019,104
Changes in non-cash working capital items:
Amounts receivable		6,007			1,950
Taxes receivable		(220,836	)		(631,742	)
Prepaids and deposits		(139,123	)		(183,516	)
Accounts payable and accrued liabilities		143,492			(15,961	)
Net cash used in operating activities		(2,265,693	)		(1,092,700	)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received		109,995			24,794
Exploration and evaluation assets		(4,875,381	)		(2,968,126	)
Deposit paid for decline construction		(511,974	)		-
Option payment received		132,704			126,007
Purchase of property and equipment		(184,335	)		(327,983	)
Net cash used in investing activities		(5,328,991	)		(3,145,308	)
CASH FLOWS FROM FINANCING ACTIVITIES
Capital stock issued		971,587			755,588
Capital stock issuance costs		(198,645	)		(116,093	)
Payment of lease liabilities		(45,296	)		-
Net cash provided by financing activities		727,646			639,495
Change in cash and cash equivalents, during the period		(6,867,038	)		(3,598,513	)
Cash and cash equivalents, beginning of the period		44,013,742			10,116,324
Cash and cash equivalents, end of the period	$	37,146,704		$	6,517,811
Cash and cash equivalents is represented by:
Cash	$	3,450,084		$	6,517,811
Cash equivalents		33,696,620			-
Total cash and cash equivalents	$	37,146,704		$	6,517,811
Non-cash investing activities
Capitalized to property and equipment
Right of use asset recognized upon accounting policy change	$	645,052		$	-
Capitalized to exploration and evaluation assets
Accounts payable and accrued liabilities	$	1,862,309		$	627,987
Depreciation	$	18,851		$	11,025
Share-based compensation	$	538,130		$	154,829

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

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SILVERCREST METALS INC.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF SHAREHOLDERS’ EQUITY

(UNAUDITED - EXPRESSED IN CANADIAN DOLLARS)

	Capital stock						Share-based
							payment
	Number			Amount			reserve			Deficit			Total
Balance at December 31, 2017	63,602,903		$	29,899,525		$	3,278,378		$	(7,191,633	)	$	25,986,270
Capital stock issued	451,800			749,988			-			-			749,988
Capital stock issuance costs	-			(15,817	)		-			-			(15,817	)
Stock options exercised	35,000			8,900			(3,300	)		-			5,600
Share-based compensation	-			-			1,173,933			-			1,173,933
Net and comprehensive loss for the period	-			-			-			(1,258,606	)		(1,258,606	)
Balance at March 31, 2018	64,089,703			30,642,596			4,449,011			(8,450,239	)		26,641,368
Capital stock issued	16,435,095			47,913,351			-			-			47,913,351
Shares issued for mineral property	236,750			682,992			-			-			682,992
Capital stock issuance costs, net of recovery	-			(1,560,043	)		-			-			(1,560,043	)
Warrants exercised	3,511,085			8,901,880			-			-			8,901,880
Stock options exercised	650,000			164,768			(60,768	)		-			104,000
Share-based compensation	-			-			1,807,922			-			1,807,922
Net and comprehensive loss for the period	-			-			-			(4,512,944	)		(4,512,944	)
Balance at December 31, 2018	84,922,633			86,745,544			6,196,165			(12,963,183	)		79,978,526
Capital stock issued (note 6)	100,000			292,000			-			-			292,000
Capital stock issuance costs (note 6)	-			(13,998	)		-			-			(13,998	)
Shares cancelled and returned to treasury (note 6)	(62,722	)		-			-			-			-
Warrants exercised (note 6)	144,405			209,387			-			-			209,387
Stock options exercised (note 6)	370,000			769,322			(299,122	)		-			470,200
Share-based compensation (note 6)	-			-			1,772,154			-			1,772,154
Net and comprehensive loss for the period	-			-			-			(3,031,895	)		(3,031,895	)
Balance at March 31, 2019	85,474,316		$	88,002,255		$	7,669,197		$	(15,995,078	)	$	79,676,374

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

6

SILVERCREST METALS INC.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(UNAUDITED - EXPRESSED IN CANADIAN DOLLARS)

THREE MONTHS ENDED MARCH 31, 2019

1.        NATURE OF OPERATIONS

SilverCrest Metals Inc. (the “Company” or “SilverCrest”) is a Canadian precious metals exploration company headquartered in Vancouver, BC. The Company was incorporated under the Business Corporations Act (British Columbia). The common shares of the Company trade on the TSX Venture Exchange under the symbol “SIL” and on the NYSE-American under the symbol “SILV”. The head office and principal address of the Company is 501-570 Granville Street, Vancouver, BC, Canada, V6C 3P1. The address of the Company’s registered and records office is 19th Floor, 885 West Georgia Street, Vancouver, BC, Canada, V6C 3H4.

While the Company currently has no source of revenue, its cash and cash equivalents of $37 million, as of March 31, 2019 contribute to working capital of $35 million, which management believes will be sufficient to fund its minimum exploration activities and general working capital for the next 12 months. The Company’s financial success is dependent on its ability to discover economically viable mineral deposits. In order to advance beyond the currently planned surface and underground exploration programs at Las Chispas, the Company may require substantial additional financing, which is subject to a number of factors many of which are beyond the Company’s control. There is no assurance that future equity capital will be available to the Company in the amounts or at the times desired by the Company or on terms that are acceptable to it, if at all. These condensed consolidated interim financial statements have been prepared by management on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future.

2.        SIGNIFICANT ACCOUNTING POLICIES

Statement of Compliance

These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34 – Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”). These condensed consolidated interim financial statements should be read in conjunction with the Company’s consolidated financial statements for the year ended December 31, 2018, which include information necessary or useful to understanding the Company’s business and financial statement presentation. In particular, the Company’s significant accounting policies, use of judgments and estimates were presented in notes 2 and 3, respectively, of these consolidated financial statements, and have been consistently applied, except for the adoption of IFRS 16, starting on January 1, 2019, in the preparation of these condensed consolidated interim financial statements.

Basis of preparation and measurement

These condensed consolidated interim financial statements have been prepared on a historical cost basis, except for certain financial instruments which are measured at fair value. Additionally, these condensed consolidated interim financial statements have been prepared using the accrual basis of accounting, except for cash flow information. Certain comparative figures have been reclassified to conform to the current period presentation.

These condensed consolidated interim financial statements were approved for issuance by the Board of Directors on May 8, 2019.

Basis of consolidation

These condensed consolidated interim financial statements include the accounts of the Company and its wholly-owned subsidiaries, NorCrest Metals Inc., a Canadian corporation, Minera La Llamarada, S.A. de C.V., a Mexican corporation, and Babicanora Agricola del Noroeste S.A. de C.V., a Mexican corporation. The Company consolidates subsidiaries where the Company has the ability to exercise control. Control is achieved when the Company is exposed to variable returns from involvement with an investee and has the ability to affect the returns through power over the investee. Control is normally achieved through ownership, directly or indirectly, of more than 50 percent of the voting power. Control can also be achieved through power over more than half of the voting rights by virtue of an agreement with other investors or through the exercise of de facto control. All intercompany balances, transactions, income and expenses, and profits or losses have been eliminated on consolidation.

Adoption of new accounting policy - leases

Impact of application of IFRS 16 Leases

Effective January 1, 2019, the Company adopted IFRS 16 using the modified retrospective application method, where the 2018 comparatives are not restated and the cumulative effect of initially applying IFRS 16 has been recorded on January 1, 2019 for any differences identified. The Company has determined that the adoption of IFRS 16 resulted in no adjustments to the opening balance of accumulated deficit.

7

SILVERCREST METALS INC.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(UNAUDITED - EXPRESSED IN CANADIAN DOLLARS)

THREE MONTHS ENDED MARCH 31, 2019

2.        SIGNIFICANT ACCOUNTING POLICIES

Adoption of new accounting policy – leases (continued)

Impact of application of IFRS 16 Leases (continued)

IFRS 16 introduces significant changes to the lessee accounting by removing the distinction between operating and finance leases under IFRS 17 and requiring the recognition of a right-of-use asset (“ROU asset”) and a lease liability at the lease commencement for all leases, except for short-term leases (lease terms of 12 months or less) and leases of low value assets.

In applying IFRS 16 for all leases, except as noted above, the Company (i) recognizes the ROU asset and lease liabilities in the statement of financial position, initially measured at the present value of future lease payments; (ii) recognizes the depreciation of ROU assets and interest on lease liabilities in the consolidated statement of comprehensive loss; and (iii) separates the total amount of cash paid into a principal portion (presented in financing activities) and interest (presented within operating activities) in the consolidated statement of cash flows. For short-term leases and leases of low value assets, the Company has opted to recognize a lease expense on a straight-line basis, and this expense is presented within office and miscellaneous in the consolidated statement of comprehensive loss.

The Company has made use of the following practical expedients available on transition to IFRS 16:

• Measure the ROU assets equal to the lease liability calculated for each lease;
• Apply the recognition exemptions for low value leases and leases that end within 12 months of the date of initial application, and account for them as low value and short-term leases, respectively; and
• Accounting for non-lease components and lease components as a single lease component.

In transitioning to IFRS 16, the Company analyzed its contracts to identify whether they are or contain a lease arrangement. This analysis identified a contract containing a lease that had an equivalent increase to both the Company’s ROU assets and lease liabilities, which resulted in a $645,052 adjustment. The incremental borrowing rate for lease liabilities initially recognized on adoption of IFRS 16 was 10.10% .

The cumulative effect of the changes made to the consolidated statement of financial position as at January 1, 2019 for the adoption of IFRS 16 is as follows:

							As reported under
		As previously		Effect of change in			new accounting
		reported		accounting policy			policy
Property and equipment	$	1,302,884	$	645,052		$	1,947,936
Lease liability (current)		-		(173,093	)		(173,093	)
Lease liability (non-current)		-		(471,959	)		(471,959	)
	$	1,302,884	$	-		$	1,302,884

The operating lease obligations as at December 31, 2018 are reconciled as follows to the recognized lease liabilities as at January 1, 2019:

Operating lease obligations as at December 31, 2018	$	830,425
Low value lease		(3,390	)
Effect from discounting at the incremental borrowing rate as at January 1, 2019		(181,983	)
Lease liabilities due to initial application of IFRS 16 at January 1, 2019	$	645,052

New accounting policy for leases under IFRS 16

The Company assesses whether a contract is or contains a lease, at the inception of a contract. The Company recognizes a ROU asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, at the commencement of the lease, with the following exceptions: (i) the Company has elected not to recognize ROU assets and liabilities for leases where the total lease term is less than or equal to 12 months, or (ii) for leases of low value. The payments for such leases are recognized in the consolidated statement of comprehensive loss on a straight-line basis over the lease term.

8

SILVERCREST METALS INC.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(UNAUDITED - EXPRESSED IN CANADIAN DOLLARS)

THREE MONTHS ENDED MARCH 31, 2019

2.        SIGNIFICANT ACCOUNTING POLICIES

Adoption of new accounting policy – leases (continued)

New accounting policy for leases under IFRS 16 (continued)

The ROU asset is initially measured based on the present value of lease payments, lease payments made at or before the commencement day, and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. The ROU asset is depreciated over the shorter of the lease term or the useful life of the underlying asset. The ROU asset is subject to testing for impairment if there is an indicator of impairment.

The lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. Lease payments include fixed payments less any lease incentives, and any variable lease payments where variability depends on an index or rate. When the lease contains an extension or purchase option that the Company considers reasonably certain to be exercised, the cost of the option is included in the lease payments.

ROU assets are included in property and equipment, and the lease liability is presented as a separate line in the consolidated statement of financial position. Variable lease payments that do not depend on an index or rate are not included in the measurement of the ROU asset and lease liability. The related payments are recognized as an expense in the period in which the triggering event occurs and are included in the consolidated statement of comprehensive loss.

Lease liabilities

The Company leases office space and has one other lease which is considered a low value lease and as such is included in the statement of comprehensive loss and not the statement of financial position. Interest expense on the lease liabilities amounted to $15,658 for the three months ended March 31, 2019. The Company did not incur any variable lease payments and there were no leases with residual value guarantees or leases not yet commenced to which the Company is committed. The expense relating to the low value lease amounted to $565 for the three months ended March 31, 2019.

Lease liabilities		March 31, 2019
Lease liabilities	$	615,414
Less: current portion		(173,093	)
Long-term portion	$	442,321

Undiscounted lease payments		March 31, 2019
Not later than 1 year	$	181,184
Later than 1 year and not later than 5 years		567,892
	$	749,076

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SILVERCREST METALS INC.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(UNAUDITED - EXPRESSED IN CANADIAN DOLLARS)

THREE MONTHS ENDED MARCH 31, 2019

3.        EXPLORATION AND EVALUATION ASSETS

Title to mineral properties involves certain inherent risks due to the difficulties of determining the validity of certain claims as well as the potential for problems arising from the frequently ambiguous conveyancing history characteristic of many mineral properties. The Company has investigated title to all of its mineral properties and, to the best of its knowledge, titles to all of its properties are in good standing except as otherwise disclosed. However, this should not be considered as a guarantee of title. The mineral properties may be subject to prior claims or agreements, or transfers, and rights of ownership may be affected by undetected defects.

The following table summarizes the Company’s exploration and evaluation asset expenditures:

		Las Chispas		Guadalupe			Total
Balance at December 31, 2018	$	31,206,225	$	409,538		$	31,615,763
Expenditures		6,447,857		-			6,447,857
Recovery of exploration and evaluation assets		-		(132,704	)		(132,704	)
Balance at March 31, 2019	$	37,654,082	$	276,834		$	37,930,916

Las Chispas Property, Sonora, Mexico

The following table details exploration and evaluation asset expenditures at the Company’s Las Chispas property to date:

		Cumulative to		Expenditures		Cumulative to		Expenditures Cumulative to
		December 31,		during the		December 31,		during the		March 31,
		2017		year		2018		period		2019
Acquisition costs:
Option, concession, and surface rights payments	$	935,592	$	3,861,590	$	4,797,182	$	6,155	$	4,803,337
Exploration and evaluation expenditures :
Assays		1,390,283		1,422,284		2,812,567		291,730		3,104,297
Decline construction		-		-		-		661,612		661,612
Depreciation (note 4)		38,305		54,762		93,067		18,851		111,918
Drilling		7,468,232		10,044,369		17,512,601		3,833,642		21,346,243
Field and administrative costs		1,210,101		636,955		1,847,056		175,877		2,022,933
Salaries and remuneration (notes 5)		1,128,811		1,344,513		2,473,324		471,365		2,944,689
Share-based compensation (notes 5 and 6)		313,820		437,021		750,841		538,130		1,288,971
Technical consulting services and studies		251,306		393,109		644,415		432,254		1,076,669
Travel and lodging		204,474		70,698		275,172		18,241		293,413
TOTAL	$	12,940,924	$	18,265,301	$	31,206,225	$	6,447,857	$	37,654,082

10

SILVERCREST METALS INC.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(UNAUDITED - EXPRESSED IN CANADIAN DOLLARS)

THREE MONTHS ENDED MARCH 31, 2019

3.        EXPLORATION AND EVALUATION ASSETS (continued)

Las Chispas Property, Sonora, Mexico (continued)

The following table summarizes the option payments for concessions at the Las Chispas Property in Sonora, Mexico. The Las Chispas Property in Sonora, Mexico consists of 28 concessions totalling approximately 1,400 hectares. Except as disclosed in the table below, the Company has either 100% ownership of or the rights to purchase 100% ownership of these concessions.

				Future option						Prior option		Total option
	# of			payments		Paid in 2019		Paid in 2018		payments		payments
Property	concessions	Title %		(US$)		(US$)		(US$)		(US$)		(US$)
Las Chispas	6	100%	$	-	$	-	$	-	$	-	$	-
Las Chispas	1	100%	$	-	$	-	$	100,000	$	50,000	$	150,000

A 2% net smelter return royalty is payable for material from this concession that has processed grades greater than or equal to 40 ounces per tonne of silver and 0.5 ounces per tonne of gold, combined. In 2018, the Company made an option payment of $126,510 (US$ 100,000) and exercised its option to acquire 100% title to the concession.

Las Chispas 13 100% $  - $ - $  2,525,000 $  425,000 $  2,950,000

The Company received the right and option to purchase an undivided 100% title in 13 concessions for total consideration of US$2,950,000. During 2017, the Company and the concession holder agreed to amend the schedule of remaining payments. The original payment schedule detailed a final payment of US$2,725,000 on June 2, 2018, of which US$500,000 was payable in common shares of SilverCrest and an additional US$500,000, at the concession holder’s option, could be paid in common shares of SilverCrest. As a result, during 2018, the Company paid $2,644,144 (US$2,025,000) in cash and US$500,000 in common shares for a total of US$2,525,000, as amended. The Company issued 236,750 common shares with a fair value of $682,992 (note 6), which was recorded as an acquisition cost. The concession holder did not exercise their right to receive common shares. Total acquisition costs of $3,327,136 were recorded in 2018 and the Company exercised its option to acquire 100% of the concessions.

Las Chispas 1 67% $  - $ - $ 5,000 $  -  $ 5,000

The remaining 33% of this 1.7 hectares concession is owned by a local Mexican family and not optioned to SilverCrest. None of the Company's Mineral Resource is located on this concession.

Las Chispas 4 20% $  360,000 $  - $ 146,400 $  65,000 $  571,400

The Company had the right and option to purchase an undivided 100% title in four concessions for total consideration of US$575,000. On June 27, 2018, the Company and an option holder representing a 20% title to the four mining concessions agreed to amend the schedule of remaining payments whereby the Company could exercise its option and earn a 20% interest in the concessions. The original payment schedule called for a payment of US$20,000 (of a total US$100,000) on May 20, 2019 and US$70,000 (of a total US$350,000) on May 20, 2020. The amended payment schedule called for an option payment of US$86,400, representing a 4% discount to the original total remaining payments of US$90,000, on June 27, 2018, for an amended total of US$571,400. As a result, the Company made a payment of $111,551 (US$86,400), as amended, and earned a 20% interest in the concessions. In 2018, in relation to these concessions, the Company made total option payments of $189,017 (US$146,400).

Las Chispas	1	0%	$	100,000	$	-	$	-	$	50,000	$	150,000
Las Chispas	2	0%	$	150,000	$	-	$	26,697	$	-	$	176,697

During 2018, the Company acquired an option to purchase the rights to a mining concession application from a local Mexican company. The Company also agreed to pay US$150,000 upon receiving 100% title to the concession.

Total Las Chispas Concessions 28 $  610,000  $- $  2,803,097 $  590,000 $  4,003,097

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SILVERCREST METALS INC.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(UNAUDITED - EXPRESSED IN CANADIAN DOLLARS)

THREE MONTHS ENDED MARCH 31, 2019

3.        EXPLORATION AND EVALUATION ASSETS (continued)

Cruz de Mayo Property, Sonora, Mexico

The following table summarizes the option payments for concessions at the Cruz de Mayo Property in Sonora, Mexico:

				Future						Prior		Total
				option						option		option
	# of			payments		Paid in		Paid in		payments		payments
Property	concessions	Title %		(US$)		2019(US$)		2018(US$)		(US$)		(USD$)
Cruz de Mayo	1	100%	$	-	$	-	$	-	$	-	$	-
Cruz de Mayo	1	0%	$	655,000	$	-	$	100,000	$	245,000	$	1,000,000

The Company had an option to purchase a 100% interest in the El Gueriguito concession, which was terminated in December 2017. As a result, during 2017, the Company recorded impairment expense of $76,387 for related previously capitalized costs. During 2018, the Company reinstated its option agreement for this concession and made payments of $130,575 (US$100,000). While the Company continues to have either a 100% interest or the option to purchase a 100% interest in the Cruz de Mayo concessions, no substantive exploration expenditures are currently budgeted nor planned. As a result, during 2018, the Company recorded impairment expense of $97,488 for all remaining capitalized costs relating to these concessions.

Total Cruz de Mayo 2 $  655,000 $  - $  100,000 $  245,000 $  1,000,000

Other properties in Mexico

The Company’s other Mexican exploration properties include Guadalupe, Huasabas, Angel de Plata, and Estacion Llano.

On February 28, 2018, the Company entered into an option agreement whereby the optionee can earn a 100% interest in the Guadalupe property by making staged payments of $126,007 (US$100,000) upon signing (received), $132,704 (US$100,000) on February 28, 2019 (received), and US$300,000 on February 28, 2020. The Company recorded option payments and the reimbursement of concession taxes as a recovery and credited it against the carrying value of the Guadalupe property. At March 31, 2019, the Guadalupe property had a carrying value of $276,834 (December 31, 2018 – $409,538).

While the Company continues to have a 100% interest in the Huasabas, Angel de Plata, and Estacion Llano properties, no substantive exploration expenditures are currently budgeted nor planned. As a result, during 2018, the Company recorded impairment expense of $544,795 for all previously capitalized costs related to these properties.

12

SILVERCREST METALS INC.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(UNAUDITED - EXPRESSED IN CANADIAN DOLLARS)

THREE MONTHS ENDED MARCH 31, 2019

4.        PROPERTY AND EQUIPMENT

								Right of
		Building(1)		Computer		Equipment		use asset		Vehicle		Land(2)		Total
Cost
Balance at December 31, 2017	$	-	$	32,432	$	78,446	$	-	$	107,426	$	854,974	$	1,073,278
Additions		-		9,664		629		-		111,756		238,530		360,579
As at December 31, 2018		-		42,096		79,075		-		219,182		1,093,504		1,433,857
Recognition of right of use asset upon initial   adoption of accounting policy (note 2)		-		-		-		645,052		-		-		645,052
Additions		108,700		14,167		9,419		-		53,239		-		185,525
As at March 31, 2019	$	108,700	$	56,263	$	88,494	$	645,052	$	272,421		1,093,504	$	2,264,434
Accumulated depreciation
Balance at December 31, 2017	$	-	$	17,862	$	17,143	$	-	$	37,235	$	-	$	72,240
Depreciation for the year		-		8,370		8,009		-		42,354		-		58,733
As at December 31, 2018		-		26,232		25,152		-		79,589		-		130,973
Depreciation for the period(3)		-		2,848		2,011		35,185		15,672		-		55,716
As at March 31, 2019	$	-	$	29,080	$	27,163	$	35,185	$	95,261	$	-	$	186,689
Carrying amounts
As at December 31, 2018	$	-	$	15,864	$	53,923	$	-	$	139,593		1,093,504	$	1,302,884
As at March 31, 2019	$	108,700	$	27,183	$	61,331	$	609,867	$	177,160		1,093,504	$	2,077,745

(1)	During the three months ended March 31, 2019, the Company constructed and purchased buildings for use at the Las Chispas Project, but the buildings were not ready for use.
(2)	During 2018, the Company purchased land located in Sonora, Mexico.
(3)	During the three months ended March 31, 2019, depreciation of $18,851 (March 31, 2018 – $11,025) was included in exploration and evaluation assets (note 3)

5.        RELATED PARTY TRANSACTIONS

Professional fees

During the three months ended March 31, 2019, the Company paid or accrued professional fees of $59,978 (March 31, 2018 – $19,707) and capital stock issuance costs of $14,832 (March 31, 2018 – $10,135), to Koffman Kalef LLP, a law firm of which the Company’s Corporate Secretary is a partner. At March 31, 2019, $36,988 (December 31, 2018 – $105,375) was payable to Koffman Kalef LLP.

Key management compensation

The Company’s key management personnel have authority and responsibility for planning, directing, and controlling the activities of the Company and include the Company’s Chief Executive Officer (“CEO”), President, Chief Financial Officer (“CFO”) and Chief Operating Officer (“COO”). Key management personnel compensation is summarized as follows:

		Three months ended		Three months ended
		March 31, 2019		March 31, 2018
Management fees (1)	$	81,250	$	57,500
Management remuneration (2)		153,457		94,940
Director fees		38,132		16,796
Share-based compensation(3), (4)		1,566,523		956,213
	$	1,839,362	$	1,125,449

⁽¹⁾ Management fees were paid to a company controlled by the CEO.

13

SILVERCREST METALS INC.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(UNAUDITED - EXPRESSED IN CANADIAN DOLLARS)

THREE MONTHS ENDED MARCH 31, 2019

5.        RELATED PARTY TRANSACTIONS (continued)

Key management compensation (continued)

(2)	During the three months ended March 31, 2019, remuneration and short-term benefits were paid to the President, CFO, and COO, of which $61,798 (March 31, 2018 – $Nil) was recorded as exploration and evaluation expenditures (note 3). During the three months ended March 31, 2018, remuneration and short-term benefits were paid to the President and CFO.
(3)	Share-based compensation is the fair value of the vested portion of stock options that have been granted to directors and officers of the Company.
(4)	During the three months ended March 31, 2019, the Company recorded share-based compensation of $504,778 (March 31, 2018 – $Nil) for the vested portion of options granted to the COO and the Company’s VP of Exploration, of which $403,478 was recorded as exploration and evaluation expenditures (note 3) and $101,300 was expensed.

Other transactions

During the three months ended March 31, 2019, the Company:

• paid remuneration of $40,932 (March 31, 2018 – $38,860) to the Company’s VP of Exploration and Technical Services, who is an immediate family member of the CEO, of which $26,075 (March 31, 2018 – $23,316) was recorded as exploration and evaluation expenditures (note 3) and $14,857 (March 31, 2018 – $15,544) was expensed. During the three months ended March 31, 2018, before being appointed VP, the Company recorded $77,516 of share-based compensation for the vested portion of stock options granted to this employee, which was recorded as exploration and evaluation expenditures;
• paid remuneration of $25,152 (March 31, 2018 – $22,978) to an employee providing technical services who is an immediate family member of the CEO, of which $19,675 (March 31, 2018 – $14,553) was recorded as exploration and evaluation expenditures (note 3) and $5,477 (March 31, 2018 – $8,425) was expensed. The Company also recorded share-based compensation of $31,667 (March 31, 2018 – $5,774) for the vested portion of stock options granted to this employee, of which $24,700 (March 31, 2018 – $5,774) was recorded as exploration and evaluation expenditures (note 3) and $6,967 (March 31, 2018 – $Nil) was expensed; and
• recorded loans receivable at March 31, 2019 of $61,334 (December 31, 2018 – $40,499) due from officers of the Company which bear an interest rate of 2% per annum and have no fixed repayment terms.

The Company has an allocation of costs agreement with Goldsource Mines Inc. (“Goldsource”), a company related by common directors and officers, whereby the Company shares salaries, administrative services, and other expenses. During the three months ended March 31, 2019, the Company allocated to Goldsource $60,397 (March 31, 2018 – $45,118) for its share of these expenses, of which $56,864 (December 31, 2018 – $79,105) was receivable from Goldsource at March 31, 2019.

6.        CAPITAL STOCK

Authorized shares

The Company’s authorized capital stock consists of an unlimited number of common shares and an unlimited number of preferred shares without nominal or par value.

Issued and outstanding

At March 31, 2019, the Company had 85,474,316 common shares and no preferred shares outstanding.

Three months ended March 31, 2019

On January 11, 2019, the Company completed a private placement, with the new COO of the Company, of 100,000 units at a price of $2.92 per unit for gross proceeds of $292,000. Each unit consisted of one common share and one half-warrant. Each whole warrant entitles the holder to purchase one common share at a price of $4.03 per share until January 11, 2021. The Company did not pay a finder’s fee in connection with the private placement and incurred $13,998 of capital stock issuance costs.

The Company cancelled and returned to treasury 62,722 shares pursuant to a depositary agreement dated September 15, 2015 entered into between the Company and Computershare Trust Company of Canada (“Computershare”). Computershare was appointed to act as depositary for common shares of the Company to be distributed to former shareholders of SilverCrest Mines Inc. by a plan of arrangement agreement (“the Arrangement”) dated July 26, 2015. Any shares not distributed on or before October 1, 2018, the third anniversary of the date of completion of the Arrangement, were returned to the Company for cancellation.

14

SILVERCREST METALS INC.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(UNAUDITED - EXPRESSED IN CANADIAN DOLLARS)

THREE MONTHS ENDED MARCH 31, 2019

6.        CAPITAL STOCK (continued)

Issued and outstanding (continued)

Three months ended March 31, 2019 (continued)

The Company issued a total of 144,405 common shares at $1.45 per common share for gross proceeds of $209,387 upon the exercise of warrants. The Company also issued 370,000 common shares at prices ranging from $0.16 to $2.37 per common share for gross proceeds of $470,200 upon the exercise of stock options. Accordingly, the Company reallocated $299,122 from reserves to capital stock.

Year ended December 31, 2018

On January 17, 2018, the Company completed a private placement, with the new President of the Company, of 451,800 units at a price of $1.66 per unit for gross proceeds of $749,988. Each unit consisted of one common share and one half-warrant. Each whole warrant entitles the holder to purchase one common share at a price of $2.29 per share until January 17, 2020. The Company did not pay a finder’s fee in connection with the private placement and incurred $15,817 of capital stock issuance costs.

On May 17, 2018, the Company completed a prospectus offering of 8,214,450 common shares at a price of $2.10 per common share for gross proceeds of $17,250,345. The Company incurred $1,313,612 of capital stock issuance costs related to the prospectus offering.

On December 7, 2018, the Company completed a private placement with SSR Mining Inc. of 8,220,645 common shares at a price of $3.73 per common share for gross proceeds of $30,663,006. The Company did not pay a finder’s fee in connection with the private placement and incurred $245,823 of capital stock issuance costs.

During 2018, the Company issued an aggregate of 236,750 common shares to a mineral property concession holder pursuant to a mineral property option agreement (note 3). The fair value of the shares was $682,992 and the Company incurred $10,007 in related capital stock issuance costs.

During 2018, the Company issued 1,052,500 common shares at $1.45 per common share and 2,458,585 common shares at $3.00 per common share for total gross proceeds of $8,901,880 on the exercise of warrants. The Company incurred $2,257 of related capital stock issuance costs. The Company also issued 685,000 common shares at $0.16 per common share for gross proceeds of $109,600 on the exercise of options. Accordingly, the Company reallocated $64,068 from reserves to capital stock.

During 2018, the Company recovered $11,656 of capital stock issuance costs for shares issued in prior years.

Warrants

Warrant transactions during the period (year) are as follows:

	Three months ended March 31, 2019				Year ended December 31, 2018
	Number of			Weighted average	Number of			Weighted average
	warrants			exercise price	warrants			exercise price
Outstanding, beginning of period (year)	3,959,805		$	1.50	7,402,655		$	2.00
Issued	50,000			4.03	225,900			2.29
Exercised	(144,405	)		1.45	(3,511,085	)		2.54
Expired	-			-	(157,665	)		3.00
Outstanding, end of period (year)	3,865,400		$	1.53	3,959,805		$	1.50

The warrants outstanding at March 31, 2019 are as follows:

			Remaining life	Number
Expiry date		Exercise price	(years)	of warrants
December 19, 2019	$	1.45	0.72	3,589,500
January 17, 2020	$	2.29	0.80	225,900
January 11, 2021	$	4.03	1.79	50,000
				3,865,400

The weighted average remaining life of warrants outstanding is 0.74 years.

15

SILVERCREST METALS INC.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(UNAUDITED - EXPRESSED IN CANADIAN DOLLARS)

THREE MONTHS ENDED MARCH 31, 2019

6.        CAPITAL STOCK (continued)

Stock options

The Company has a “rolling 10%” Stock Option Plan which authorizes the grant of stock options to directors, officers, employees, and consultants, enabling them to acquire common shares of the Company to a maximum of 10% of the then issued and outstanding common shares. The exercise price of any option will be the market price of the Company's stock as at the date of the grant. The options can be granted for a maximum term of ten years with vesting determined by the Board of Directors.

A summary of the Company’s stock option transactions during the period (year) is as follows:

	Three months ended March 31, 2019				Year ended December 31, 2018
	Number of			Weighted average	Number of			Weighted average
	options			exercised price	options			exercised price
Outstanding, beginning of period (year)	7,627,500		$	1.99	4,825,000		$	1.24
Issued	-			-	3,487,500			2.66
Exercised	(370,000	)		1.27	(685,000	)		0.16
Outstanding, end of period (year)	7,257,500		$	2.02	7,627,500		$	1.99

The Company did not grant any stock options during the three months ended March 31, 2019.

During 2018, the Company granted:

• 500,000 stock options, on January 2, 2018, to the President of the Company that can be exercised at a price of $1.84 per share until January 2, 2023;
• 955,000 stock options to directors, officers, employees, and consultants that can be exercised at a price of $1.94 per share until January 4, 2023;
• 50,000 stock options to an employee that can be exercised at a price of $2.37 per share until March 1, 2023;
• 100,000 stock options to a director that can be exercised at a price of $2.69 per share until May 31, 2023;
• 100,000 stock options to a director that can be exercised at a price of $3.41 per share until November 11, 2023;
• 200,000 stock options to the COO that can be exercised at a price of $3.30 per share until November 13, 2023; and
• 1,582,500 stock options to directors, officers, employees, and consultants that can be exercised at a price of $3.24 per share until December 14, 2023.

Options granted during 2018 vest over a one-year period, with 25% vesting after each of three months, six months, nine months, and twelve months after the grant date, respectively.

Stock options outstanding and exercisable at March 31, 2019 are as follows:

			Options outstanding		Options exerciseable
			Number of shares	Remaining life	Number of shares
Expiry date		Exercise price	issuable on exercise	(years)	issuable on exercise
December 9, 2020	$	0.16	1,400,000	1.70	1,400,000
October 17, 2021	$	2.56	100,000	2.55	100,000
December 9, 2021	$	2.30	1,450,000	2.70	1,450,000
January 3, 2022	$	2.55	100,000	2.76	100,000
August 4, 2022	$	1.88	810,000	3.35	810,000
January 2, 2023	$	1.84	500,000	3.76	500,000
January 4, 2023	$	1.94	915,000	3.77	915,000
May 31, 2023	$	2.69	100,000	4.17	75,000
November 11, 2023	$	3.41	100,000	4.62	25,000
November 13, 2023	$	3.30	200,000	4.62	50,000
December 14, 2023	$	3.24	1,582,500	4.71	395,625
			7,257,500		5,820,625

The weighted average remaining life of options outstanding is 3.32 years.

16

SILVERCREST METALS INC.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(UNAUDITED - EXPRESSED IN CANADIAN DOLLARS)

THREE MONTHS ENDED MARCH 31, 2019

6.        CAPITAL STOCK (continued)

Share-based compensation

There were no options granted during the three months ended March 31, 2019. The fair value of options granted during 2018 was estimated using the Black-Scholes Option Pricing Model using the following weighted average assumptions:

		Year ended
		December 31, 2018
Expected option life (years)		4.67
Expected volatility		88.62%
Expected dividend yield		-
Risk-free interest rate		2.00%
Expected forfeiture rate		1.00%
Fair value per share	$	1.74
Total fair value	$	6,069,960

During the three months ended March 31, 2019, the Company recognized share-based compensation expense of $1,772,154 for the vested portion of stock options granted during 2018, of which $1,234,024 was expensed and $538,130 was capitalized as exploration expenditures (note 3).

During the three months ended March 31, 2018, the Company recognized share-based compensation expense of $999,609 for the vested portion of stock options granted during that period, of which $873,989 was expensed and $125,620 was capitalized as exploration expenditures. The Company also recognized share-based compensation of $174,324 for the vested portion of stock options previously granted during 2017, of which $145,115 was expensed and $29,209 was capitalized as exploration expenditures.

Share-based payment reserve

The share-based payment reserve records items recognized as share-based compensation and the fair value of private placement warrants issued based on the residual method. At the time that stock options or warrants are exercised, the corresponding amount is reallocated to share capital or, if cancelled or expired, the corresponding amount is reallocated to deficit.

A summary of share-based payment reserve transactions is as follows:

		Three months ended			Year ended
		March 31, 2019			December 31, 2018
Balance, beginning of period (year)	$	6,196,165		$	3,278,378
Share-based compensation		1,772,154			2,981,855
Stock options exercised, reallocated to capital stock		(299,122	)		(64,068	)
Balance, end of period (year)	$	7,669,197		$	6,196,165

17

SILVERCREST METALS INC.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(UNAUDITED - EXPRESSED IN CANADIAN DOLLARS)

THREE MONTHS ENDED MARCH 31, 2019

7.        SEGMENTED INFORMATION

The Company operates in one reportable segment, being the acquisition and exploration of mineral property interests in Mexico.

Geographical segmented information is presented as follows:

		Canada		Mexico			Total
Comprehensive loss
Three months ended March 31, 2019
Net loss for the period	$	2,782,621	$	249,274		$	3,031,895
Three months ended March 31, 2018
Net loss (income) for the period	$	1,446,099	$	(187,493	)	$	1,258,606
Assets and liabilities
March 31, 2019
Taxes receivable	$	-	$	4,097,198		$	4,097,198
Deposits	$	605,527	$	-		$	605,527
Property and equipment	$	633,597	$	1,444,148		$	2,077,745
Exploration and evaluation assets	$	-	$	37,930,916		$	37,930,916
Lease liability	$	442,321	$	-		$	442,321
December 31, 2018
Taxes receivable	$	-	$	3,877,934		$	3,877,934
Deposits	$	70,553	$	-		$	70,553
Property and equipment	$	10,053	$	1,292,831		$	1,302,884
Exploration and evaluation assets	$	-	$	31,615,763		$	31,615,763

8.        FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

Financial instruments carrying value and fair value

The Company’s financial instruments consist of cash and cash equivalents, amounts receivable, and accounts payable. The carrying value of amounts receivable and accounts payable approximate their fair values due to the short-term nature of these instruments.

The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (for example, interest rate and yield curves observable at commonly quoted intervals, forward pricing curves used to value currency and commodity contracts and volatility measurements used to value option contracts), or inputs that are derived principally from or corroborated by observable market data or other means. Level 3 inputs are unobservable (supported by little or no market activity). The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. The Company’s cash and cash equivalents are measured using level 1 inputs.

18

SILVERCREST METALS INC.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(UNAUDITED - EXPRESSED IN CANADIAN DOLLARS)

THREE MONTHS ENDED MARCH 31, 2019

8.        FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (continued)

The following table summarizes the classification and carrying values of the Company’s financial instruments:

		FVTPL		Amortized cost		Amortized cost		Total
March 31, 2019				(financial assets)		(financial liabilities)
Financial assets
Cash and cash equivalents	$	37,146,704	$	-	$	-	$	37,146,704
Amounts receivable		-		364,457		-		364,457
Total financial assets	$	37,146,704	$	364,457	$	-	$	37,511,161
Financial liabilities
Accounts payable and accrued liabilities	$	-	$	-	$	2,438,068	$	2,438,068
Lease liability		-		-		615,414		615,414
Total financial liabilities	$	-	$	-	$	3,053,482	$	3,053,482
December 31, 2018
Financial assets
Cash and cash equivalents	$	44,013,742	$	-	$	-	$	44,013,742
Amounts receivable		-		170,574		-		170,574
Total financial assets	$	44,013,742	$	170,574	$	-	$	44,184,316
Financial liabilities
Accounts payable and accrued liabilities	$	-	$	-	$	1,462,538	$	1,462,538

9.        SUBSEQUENT EVENT

Subsequent to March 31, 2019, the Company issued 275,000 common shares at $1.45 per share for gross proceeds of $398,750 upon the exercise of warrants.

19