SilverCrest Metals Inc.: Form 6-K - Filed by newsfilecorp.com

Six months ended
June 30, 2023

Six months ended
June 30, 2022

Costs allocated to Goldsource

June 30, 2023

December 31, 2022

Receivable from Goldsource

0001062993-23-016120.txt : 20230810 0001062993-23-016120.hdr.sgml : 20230810 20230809215201 ACCESSION NUMBER: 0001062993-23-016120 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20230630 FILED AS OF DATE: 20230810 DATE AS OF CHANGE: 20230809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SilverCrest Metals Inc. CENTRAL INDEX KEY: 0001659520 STANDARD INDUSTRIAL CLASSIFICATION: GOLD & SILVER ORES [1040] IRS NUMBER: 000000000 STATE OF INCORPORATION: A1 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38628 FILM NUMBER: 231156969 BUSINESS ADDRESS: STREET 1: SUITE 501 STREET 2: 570 GRANVILLE STREET CITY: VANCOUVER STATE: A1 ZIP: V6C 3P1 BUSINESS PHONE: (604) 694-1730 MAIL ADDRESS: STREET 1: SUITE 501 STREET 2: 570 GRANVILLE STREET CITY: VANCOUVER STATE: A1 ZIP: V6C 3P1 6-K 1 form6k.htm FORM 6-K SilverCrest Metals Inc.: Form 6-K - Filed by newsfilecorp.com

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of August, 2023.

Commission File Number: 001-38628

SILVERCREST METALS INC.
(Exact Name of Registrant as Specified in Charter)

570 Granville Street, Suite 501

Vancouver, British Columbia V6C 3P1

Canada
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☐ Form 40-F ⊠

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	SILVERCREST METALS INC.

Date: August 9, 2023	/s/ Anne Yong
	Anne Yong
	Chief Financial Officer

INDEX TO EXHIBITS

Exhibit		Description
99.1		Unaudited Condensed Consolidated Interim Financial Statements for the three and six months ended June 30, 2023
99.2		Management's Discussion & Analysis for the three and six months ended June 30, 2023
99.3		Certification of Interim Filings - CEO
99.4		Certification of Interim Filings - CFO
99.5		News release dated August 9, 2023 - Second Quarter 2023 Results and Guidance for H2, 2023
99.6		News release dated August 9, 2023 - Normal Course Issuer Bid

EX-99.1 2 exhibit99-1.htm EXHIBIT 99.1 SilverCrest Metals Inc.: Exhibit 99.1 - Filed by newsfilecorp.com

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2023

SILVERCREST METALS INC.
TABLE OF CONTENTS

	Page

Condensed Consolidated Interim Statements of Financial Position	3

Condensed Consolidated Interim Statements of Income and Comprehensive Income (Loss)	4

Condensed Consolidated Interim Statements of Cash Flows	5

Condensed Consolidated Interim Statement of Shareholders' Equity	6

Notes to the Condensed Consolidated Interim Financial Statements	7 - 22

SILVERCREST METALS INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(UNAUDITED - EXPRESSED IN THOUSANDS OF UNITED STATES DOLLARS)
AS AT

		June 30, 2023			December 31, 2022

ASSETS
Current assets
Cash and cash equivalents	$	53,413		$	50,761
Bullion (note 3)		5,634			-
Accounts receivable		138			179
Value-added taxes receivable		13,567			15,985
Inventories (note 4)		46,612			40,203
Prepaid expenses and other		3,353			4,690
Total current assets		122,717			111,818

Non-current assets
Value-added taxes receivable		16,418			15,433
Mineral property, plant, and equipment (note 5)		236,352			228,098
Total non-current assets		252,770			243,531

TOTAL ASSETS	$	375,487		$	355,349

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities
Accounts payable and accrued liabilities (note 6)	$	16,928		$	17,676
Tax liabilities (note 12)		9,366			5,740
Lease liabilities		68			116
Debt (note 7)		-			13,393
Total current liabilities		26,362			36,925

Non-current liabilities
Lease liabilities		242			260
Deferred income tax liability		3,845			382
Debt (note 7)		-			36,198
Reclamation and closure provision (note 8)		5,463			4,590
Total non-current liabilities		9,550			41,430
Total liabilities		35,912			78,355

Shareholders' equity
Capital stock (note 15)		406,105			405,811
Share-based payment reserve (note 15)		12,073			10,945
Foreign currency translation reserve		(3,538	)		(13,793	)
Deficit		(75,065	)		(125,969	)
Total shareholders' equity		339,575			276,994

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	375,487		$	355,349

Nature of operations (note 1)

Commitments (note 17)

Subsequent event (note 18)

Approved by the Board and authorized for issue on August 9, 2023:

"N. Eric Fier"

Director

"John H. Wright"

Director

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

SILVERCREST METALS INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)
(UNAUDITED - EXPRESSED IN THOUSANDS OF UNITED STATES DOLLARS, EXCEPT FOR PER SHARE AMOUNTS; SHARES IN THOUSANDS)
FOR THE THREE AND SIX MONTHS ENDED JUNE 30,

		Three months ended						Six months ended
		2023			2022			2023			2022

Revenue (note 9)	$	61,999		$	-		$	119,982		$	-
Cost of sales (note 10)		(23,706	)		-			(46,083	)		-
Mine operating income		38,293			-			73,899			-

Expenses
General and administrative expenses (note 11)	$	(3,043	)	$	(1,520	)	$	(5,858	)	$	(3,172	)
Exploration and evaluation expenditures		(151	)		(1,635	)		(377	)		(3,389	)
Share-based compensation recovery (expense) (note 14 and 15)		162			41			(556	)		(379	)
		(3,032	)		(3,114	)		(6,791	)		(6,940	)
Other income (expense)
Foreign exchange (loss) gain (note 17)		(8,641	)		12,025			(7,522	)		6,725
Interest and finance expense (note 13)		(668	)		(66	)		(2,037	)		(127	)
Interest and investment income		1,133			760			1,905			1,143
Income before income taxes		27,085			9,605			59,454			801

Income tax (expense) recovery (note 12)		(3,383	)		-			(8,587	)		57
Income for the period	$	23,702		$	9,605		$	50,867		$	858

Other comprehensive income (loss)
Foreign currency translation adjustment		9,926			(12,832	)		10,255			(6,833	)
Comprehensive income (loss) for the period	$	33,628		$	(3,227	)	$	61,122		$	(5,975	)

Basic income per common share	$	0.16		$	0.07		$	0.35		$	0.01
Diluted income per common share	$	0.16		$	0.06		$	0.34		$	0.01

Weighted average number of common shares outstanding
Basic		147,231			145,949			147,216			145,828
Diluted		150,867			152,114			150,511			152,062

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

SILVERCREST METALS INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
(UNAUDITED - EXPRESSED IN THOUSANDS OF UNITED STATES DOLLARS)
FOR THE THREE AND SIX MONTHS ENDED JUNE 30,

		Three months ended June 30,						Six months ended June 30,
		2023			2022			2023			2022
CASH FLOWS FROM OPERATING ACTIVITIES
Income for the period	$	23,702		$	9,605		$	50,867		$	858
Adjustments for:
Depreciation and depletion (note 5)		5,008			14			9,075			29
Foreign exchange (gain) loss, unrealized		15,572			(6,549	)		13,943			(3,163	)
Income tax expense (recovery)		3,383			-			8,587			(57	)
Income taxes paid		-			-			(987	)		-
Interest and finance expense (note 13)		649			66			1,998			127
Interest and investment income		(1,133	)		(760	)		(1,905	)		(1,143	)
Share-based compensation		294			46			1,414			597
Cash flow provided by operating activities before changes in non-cash working capital items		47,475			2,422			82,992			(2,752	)
Changes in non-cash working capital items:
Accounts receivable		50			(6	)		35			4
Value-added taxes receivable		5,475			(546	)		1,433			(3,059	)
Inventories		(997	)		(7,260	)		3,183			(7,260	)
Prepaids and deposits		1,510			1,239			1,271			1,068
Accounts payable and accrued liabilities		(788	)		(588	)		(11,684	)		(1,275	)
Tax liabilities		1,083			-			3,551			-
Net cash (used in) provided by operating activities		53,808			(4,739	)		80,781			(13,274	)

CASH FLOWS FROM INVESTING ACTIVITIES
Bullion		(3,981	)		-			(5,791	)		-
Interest and investment income received		1,363			698			2,084			1,055
Expenditures on mineral property, plant, and equipment		(12,919	)		(21,610	)		(20,849	)		(39,047	)
Net cash used in investing activities		(15,537	)		(20,912	)		(24,556	)		(37,992	)

CASH FLOWS FROM FINANCING ACTIVITIES
Capital stock issued		-			362			179			854
Loan prepayments		(25,000	)		-			(50,000	)		-
Loan interest payments		(455	)		(1,923	)		(1,532	)		(3,824	)
Payment of lease liabilities		(28	)		(39	)		(71	)		(79	)
Net cash used in financing activities		(25,483	)		(1,600	)		(51,424	)		(3,049	)

Effect of foreign exchange on cash and cash equivalents		(5,140	)		(6,181	)		(2,149	)		(3,619	)

Change in cash and cash equivalents, during the period		7,648			(33,432	)		2,652			(57,934	)
Cash and cash equivalents, beginning of the period		45,765			152,013			50,761			176,515
Cash and cash equivalents, end of the period	$	53,413		$	118,581		$	53,413		$	118,581

Cash and cash equivalents is represented by:
Cash	$	53,413		$	87,534		$	53,413		$	87,534
Cash equivalents		-			31,047			-			31,047
Total cash and cash equivalents	$	53,413		$	118,581		$	53,413		$	118,581

Non-cash investing activities
Capitalized to mineral property, plant, and equipment
Transfers to inventories	$	-		$	(8,277	)	$	-		$	(8,277	)
Accounts payable and accrued liabilities	$	3,747		$	4,404		$	3,747		$	4,404
Depreciation and depletion (note 5)	$	145		$	670		$	167		$	1,234
Loan interest accretion	$	-		$	1,107		$	-		$	1,303
Share-based compensation	$	11		$	418		$	191		$	914
Interest on lease liabilities	$	-		$	4		$	1		$	8
Change in reclamation and closure provision	$	-		$	(93	)	$	-		$	(146	)

Supplementary cash flow information		June 30, 2023			March 31, 2023			June 30, 2023			December 31, 2022
Mineral property, plant, and equipment in accounts payable and accrued liabilities	$	3,747		$	4,498		$	3,747		$	3,350

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

SILVERCREST METALS INC.
CONDENSED CONSOLIDATED INTERIM STATEMENT OF SHAREHOLDERS’ EQUITY
(UNAUDITED - EXPRESSED IN THOUSANDS OF UNITED STATES DOLLARS; SHARES IN THOUSANDS)

	Capital stock				Share-based			Foreign currency
					payment			translation
	Number		Amount		reserve			reserve			Deficit			Total

Balance at December 31, 2021	145,649	$	401,736	$	9,782		$	14,194		$	(157,442	)	$	268,270

Stock options exercised	470		1,407		(553	)		-			-			854
Stock options forfeited	-		-		(12	)		-			12			-
Share-based compensation, stock options	-		-		1,545			-			-			1,545
Foreign exchange translation	-		-		-			(6,833	)		-			(6,833	)
Income for the period	-		-		-			-			858			858

Balance at June 30, 2022	146,119		403,143		10,762			7,361			(156,572	)		264,694

Stock options exercised	1,037		2,668		(1,055	)		-			-			1,613
Stock options forfeited	-		-		(160	)		-			160			-
Share-based compensation, stock options	-		-		1,398			-			-			1,398
Foreign exchange translation	-		-		-			(21,154	)		-			(21,154	)
Income for the period	-		-		-			-			30,443			30,443

Balance at December 31, 2022	147,156		405,811		10,945			(13,793	)		(125,969	)		276,994

Stock options exercised (note 15)	75		294		(115	)		-			-			179
Stock options forfeited (note 15)	-		-		(37	)		-			37			-
Share-based compensation, stock options (note 15)	-		-		1,280			-			-			1,280
Foreign exchange translation	-		-		-			10,255			-			10,255
Income for the period	-		-		-			-			50,867			50,867

Balance at June 30, 2023	147,231	$	406,105	$	12,073		$	(3,538	)	$	(75,065	)	$	339,575

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

SILVERCREST METALS INC.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(UNAUDITED - EXPRESSED IN THOUSANDS OF UNITED STATES DOLLARS UNLESS OTHERWISE STATED)
SIX MONTHS ENDED JUNE 30, 2023

1. NATURE OF OPERATIONS

SilverCrest Metals Inc. (the "Company" or "SilverCrest") is a Canadian precious metals producer headquartered in Vancouver, British Columbia. The Company was incorporated under the Business Corporations Act (British Columbia). The common shares of the Company trade on the Toronto Stock Exchange ("TSX") 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 19^th Floor, 885 West Georgia Street, Vancouver, BC, Canada, V6C 3H4.

The Company's principal focus is its Las Chispas Operation, located in Sonora, Mexico.

2. SIGNIFICANT ACCOUNTING POLICIES

Statement of compliance

These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard ("IAS") 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, 2022, 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 estimation methods were presented in notes 2 and 3, respectively, of those consolidated financial statements and have been consistently applied 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.

These condensed consolidated interim financial statements were approved for issuance by the Board of Directors on August 9, 2023.

Basis of consolidation

These condensed consolidated interim financial statements incorporate the financial statements of the Company and its subsidiaries, all of which are wholly owned. There has been no change to the Company's subsidiaries since December 31, 2022. The Company consolidates subsidiaries where the Company can exercise control. Control is achieved when the Company is exposed to variable returns from involvement with an investee and can 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. Subsidiaries are included in the consolidated financial results of the Company from the effective date of acquisition of control up to the effective date of loss of control.

The Company's principal subsidiary at June 30, 2023 was the wholly-owned Compañía Minera La Llamarada, S.A. de C.V. located in Mexico whose principal project and purpose is ownership and operation of the Las Chispas Operation.

Intercompany assets, liabilities, equity, income, expenses, and cash flows between the Company and its subsidiaries are eliminated on consolidation.

3. BULLION

Gold and silver bullion

During the six months ended June 30, 2023, the Company purchased gold and silver bullion from a bullion bank to hold as treasury assets in accordance with its liquidity management policies.

Bullion is initially recorded at cost on acquisition and subsequently measured at fair value at the end of each reporting period. Changes in the fair value are recognized in the period the changes occur. These changes are recorded to interest and investment income in the consolidated statements of income and comprehensive income (loss).

3. BULLION (continued)

Gold and silver bullion (continued)

As at June 30, 2023, the Company held gold bullion with a total cost of $2,367 and a fair market value of $2,265 and silver bullion with a total cost of $3,493 and a fair market value of $3,369.

Bullion call options

During the six months ended June 30, 2023, the Company sold call options. Call options are instruments that give the option holder the right, but not the obligation, to purchase gold or silver at an agreed upon price in the future. The Company receives an option premium in cash on selling the option, which is recorded as either an asset or a liability. The value of the option is remeasured using the Black-Scholes option pricing model at each reporting date, with gains or losses recorded as interest and other investment income, along with a corresponding increase to the derivative liability.

4. INVENTORIES

The Company's inventories related to the Las Chispas Operation were comprised of the following:

		June 30, 2023		December 31, 2022
Stockpiled ore	$	27,648	$	25,669
Work-in-process		3,456		4,353
Finished goods		8,119		4,897
Materials and supplies		7,389		5,284
Total inventories	$	46,612	$	40,203

At June 30, 2023, $8,093 (December 31, 2022 - $3,747) of depreciation and depletion and $890 (December 31, 2022 - $870) of share-based compensation was included in inventories. The Company did not hold any non-current inventories.

During the six months ended June 30, 2023, the Company expensed $43,057 (June 30, 2022 - $Nil) of inventories to cost of sales.

5. MINERAL PROPERTY, PLANT, AND EQUIPMENT

		Property, plant, and equipment			Construction in progress			Mineral property⁽¹⁾			Exploration and evaluation assets		Total
Cost
At December 31, 2021	$	18,817		$	84,283		$	62,285		$	2,488	$	167,873
Additions		22,458			2,257			58,006			-		82,721
Transfers		83,179			(83,179	)		-			-		-
Transfers to inventory		-			-			(13,655	)		-		(13,655	)
At December 31, 2022		124,454			3,361			106,636			2,488		236,939
Additions		1,324			2,873			17,839			-		22,036
Transfers and reclassifications		1,963			(2,154	)		-			-		(191	)
At June 30, 2023	$	127,741		$	4,080		$	124,475		$	2,488	$	258,784

Accumulated depreciation and depletion
At December 31, 2021	$	(2,187	)	$	-		$	-		$	-	$	(2,187	)
Depreciation and depletion for the year⁽²⁾⁽³⁾		(5,118	)		-			(1,536	)		-		(6,654	)
At December 31, 2022		(7,305	)		-			(1,536	)		-		(8,841	)
Depreciation and depletion for the period⁽²⁾⁽³⁾		(8,013	)		-			(5,578	)		-		(13,591	)
At June 30, 2023	$	(15,318	)	$	-		$	(7,114	)	$	-	$	(22,432	)

Carrying amounts
At December 31, 2022	$	117,149		$	3,361		$	105,100		$	2,488	$	228,098
At June 30, 2023	$	112,423		$	4,080		$	117,361		$	2,488	$	236,352

⁽¹⁾ Mineral property relates to the producing Las Chispas Operation.

⁽²⁾ Depreciation and depletion related to the production of mineral inventory is initially capitalized as inventories and subsequently expensed as cost of sales, when sold. During the six months ended June 30, 2023, the Company recorded $9,035 (June 30, 2022 - $Nil) of depreciation and depletion in cost of sales, which included amounts capitalized in 2022.

⁽³⁾ Depreciation related to the development of the Las Chispas Mine is capitalized to mineral property.

6. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

		June 30, 2023		December 31, 2022
Trade payables	$	3,293	$	5,612
Accrued liabilities		8,241		8,954
Payroll related liabilities		2,007		728
Share unit accrued liabilities		3,387		2,382
Accounts payable and accrued liabilities	$	16,928	$	17,676

7. DEBT

A summary of debt transactions is as follows:

		Six months ended			Year ended
Term Facility		June 30, 2023			December 31, 2022
Balance, beginning of period (year)	$	49,591		$	-
Drawdown		-			50,000
Transaction costs		-			(417	)
Accretion		409			8
Interest expense		1,030			354
Interest payments		(1,030	)		(354	)
Debt repayment		(50,000	)		-
Balance, end of period (year)	$	-		$	49,591

Total debt	$	-		$	49,591
Less: current portion		-			(13,393	)
Long-term debt	$	-		$	36,198

Credit Facility

On November 29, 2022, the Company refinanced its 2020 secured project financing facility (the "Project Financing Facility") with a new $120,000 senior secured credit facility (the "Credit Facility") through a syndicate of two banks. The Credit Facility includes a $50,000 term facility ("Term Facility") with a maturity date of November 28, 2025 and a $70,000 revolving facility ("Revolving Facility") with a maturity date of November 27, 2026. On closing of the Credit Facility, the Company fully drew the $50,000 Term Facility and used $40,000 of available cash to repay the previously outstanding $90,000 Project Financing Facility.

During the six months ended June 30, 2023, the Company voluntarily prepaid the full $50,000 Term Facility principal. As of June 30, 2023, there had been no draws on the Revolving Facility. The Revolving Facility of $70,000 will be available to the Company until November 27, 2026, for general corporate purposes and working capital (funds available to meet current, short-term obligations), subject to customary terms and conditions.

The Revolving facility bears interest, and the Term Facility when outstanding bore interest, at a rate based initially on an adjusted Term secured overnight financing rate as administered by the Federal Reserve Bank of New York ("SOFR"), plus an applicable margin ranging from 2.50% to 3.75%. The Term SOFR margin was set at 3.00% until June 30, 2023. The undrawn portion of the Revolving Facility is subject to a standby fee ranging from 0.5625% to 0.8428% per annum.

All debt under the Credit Facility is guaranteed by the Company and its subsidiaries and secured by the assets of the Company and NorCrest Metals Inc. (a subsidiary of the Company) and pledges of the securities of the Company's subsidiaries. The Credit Facility includes certain financial and non-financial covenants and at June 30, 2023, the Company was in compliance with all covenants.

8. RECLAMATION AND CLOSURE PROVISION

Changes to the reclamation and closure provision related to the Las Chispas Operation were as follows:

		June 30, 2023		December 31, 2022
Balance, beginning of period (year)	$	4,590	$	2,713
Increase in estimated cash flows resulting from current activities		-		2,566
Changes in estimate		650		(932	)
Accretion		223		243
Balance, end of period (year)	$	5,463	$	4,590

8. RECLAMATION AND CLOSURE PROVISION (continued)

The reclamation and closure cost provision is calculated as the present value of estimated future net cash outflows based on the following key assumptions:

The discount rate used in discounting the estimated reclamation and closure cost provision was 8.9% (December 31, 2022 - 8.9%) during the six months ended June 30, 2023 and is a risk-free rate based on the Bank of Mexico's 10 year bond rate.
The majority of the expenditures are expected to occur in 2031 and 2032.
A 1% change in the discount rate would result in an approximate $400 increase or $600 decrease in the provision, while holding other assumptions consistent.

The undiscounted value of the reclamation and closure provision is estimated to be $12,707 (December 31, 2022 - $11,158) which is calculated using a long-term inflation rate assumption of 4.6% (December 31, 2022 - 4.6%).

9. REVENUE

The Company did not have any revenue prior to the third quarter of 2022. During the six months ended June 30, 2023, the Company had revenue of $119,982 from the sale of 27,600 gold ounces and 2.8 million silver ounces to three customers.

		Three months ended June 30, 2023		Six months ended June 30, 2023
Gold	$	26,680	$	53,356
Silver		35,319		66,626
Revenue	$	61,999	$	119,982

Customer A		6,611		8,411
Customer B		25,082		74,538
Customer C		30,306		37,033
Revenue	$	61,999	$	119,982

10. COST OF SALES

The Company did not have any cost of sales prior to the third quarter of 2022. Cost of sales were:

		Three months ended June 30, 2023			Six months ended June 30, 2023
Mine	$	9,287		$	17,461
Plant		5,691			10,865
Indirect		2,867			5,351
Production costs	$	17,845		$	33,677
Changes in inventories		(877	)		29
Refining and transportation costs		736			1,648
Depletion and depreciation		4,990			9,035
Extraordinary mining duty		314			608
Site share-based compensation		455			843
Other		243			243
Cost of sales	$	23,706		$	46,083

10. COST OF SALES (continued)

Production costs and changes in inventories by nature of expense were:

		Three months ended June 30, 2023		Six months ended June 30, 2023
Salaries and benefits	$	2,234	$	4,392
Consultants and contractors		7,507		14,219
Utilities and other services		968		2,017
Supplies and consumables		4,008		9,106
Maintenance and mechanical		1,656		2,869
Office and other supplies		594		1,103
Production costs & changes in inventories	$	16,967	$	33,706

11. GENERAL AND ADMINISTRATIVE EXPENSES

		Three months ended June 30, 2023		Three months ended June 30, 2022		Six months ended June 30, 2023		Six months ended June 30, 2022
General and administrative	$	1,761	$	559	$	3,116	$	1,154
Marketing		129		160		282		314
Professional fees		330		246		786		501
Remuneration		823		555		1,674		1,203
General and administrative expenses	$	3,043	$	1,520	$	5,858	$	3,172

12. INCOME TAX

		Three months ended June 30, 2023			Three months ended June 30, 2022		Six months ended June 30, 2023			Six months ended June 30, 2022
Income tax expense (recovery) at statutory rate of 27%	$	7,313		$	-	$	16,052		$	(57	)
7.5% special mining duty		2,717			-		5,200			-
Change in permanent differences		3,279			-		17			-
Change in unrecognized temporary differences and other		(9,926	)		-		(12,682	)		-
Income tax expense (recovery)	$	3,383		$	-	$	8,587		$	(57	)

Income taxes were comprised of:

		Three months ended June 30, 2023		Three months ended June 30, 2022		Six months ended June 30, 2023		Six months ended June 30, 2022
Current income tax expense (recovery)	$	2,717	$	-	$	5,200	$	(57	)
Deferred income tax expense		666		-		3,387		-
Income tax expense (recovery)	$	3,383	$	-	$	8,587	$	(57	)

The majority of tax liabilities is accrued withholding tax on interest charged on intercompany loan balances and 7.5% special mining duty.

13. INTEREST AND FINANCE EXPENSE

		Three months ended June 30, 2023		Three months ended June 30, 2022		Six months ended June 30, 2023		Six months ended June 30, 2022
Interest expense - debt (note 7)	$	526	$	-	$	1,765	$	-
Accretion of reclamation and closure provision (note 8)		116		62		223		117
Other financing costs		26		4		49		10
Interest and finance expense	$	668	$	66	$	2,037	$	127

14. RELATED PARTY TRANSACTIONS

Professional fees

The Company had the following transactions with a law firm of which the Company's Corporate Secretary is a partner.

		Six months ended June 30, 2023			Six months ended June 30, 2022
Professional fees - expense	$	92		$	68

		June 30, 2023			December 31, 2022
Payable to Koffman Kalef LLP	$	20		$	12

Key management compensation

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

		Six months ended June 30, 2023		Six months ended June 30, 2022
Salaries, short-term incentives, management fees, and directors' fees ⁽¹⁾	$	1,689	$	750
Share-based compensation⁽²⁾		612		656
	$	2,301	$	1,406

⁽¹⁾ Salaries, short-term incentives, management fees, and directors' fees include remuneration and short-term benefits paid to the President, CFO, COO, and directors. The management fees were paid to a company controlled by the CEO.

⁽²⁾ Share-based compensation includes amounts recorded for stock options and share units. Please see note 15 for further details.

Other transactions

● 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. Amounts allocated to Goldsource are due at the end of each fiscal quarter and accrue interest at a rate of 1% per month, if in arrears for greater than 30 days.

15. 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

As of June 30, 2023, the Company had 147,231,264 common shares and no preferred shares outstanding.

During the six months ended June 30, 2023, the Company issued 75,000 common shares at C$3.24 per share for gross proceeds of $179 upon the exercise of stock options.

In 2022, the Company issued 1,507,500 common shares at prices ranging from C$1.84 per share to C$8.24 per share for gross proceeds of $2,467 upon the exercise of stock options.

Stock options

The Company has a "rolling 5.5%" 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 5.5% of the then issued and outstanding common shares.

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

	Six months ended June 30, 2023				Year ended December 31, 2022
	Number of			Weighted average	Number of			Weighted average
	options			exercised price (C$)	options			exercised price (C$)
Outstanding, beginning of period (year)	5,560,450		$	7.87	6,216,700		$	6.37
Granted	-			-	944,500			8.86
Exercised*	(75,000	)		3.24	(1,507,500	)		2.13
Forfeited	(18,000	)		10.57	(93,250	)		10.66
Outstanding, end of period (year)	5,467,450		$	7.92	5,560,450		$	7.87

*During the six months ended June 30, 2023, the weighted average market value of the Company's shares at the dates of exercise was C$7.64 (December 31, 2022 - C$9.14).

During 2022, the Company granted 944,500 stock options to certain employees, a consultant, and directors with exercise prices ranging from C$7.31 to C$11.14 and expiring five years from the grant date. 157,000 options granted in 2022 to a consultant vest over a 32-month period with 50% of the options vesting after each of 20 months and 32 months after the grant date, respectively. The remaining options vest over a 3-year period with 1/3 of the options vesting after each of one year, two years, and three years after the grant date, respectively.

15. CAPITAL STOCK (continued)

Stock options (continued)

Stock options outstanding and exercisable as of June 30, 2023 are as follows:

			Options outstanding		Options exercisable
		Exercise	Number of shares	Remaining life	Number of shares
Expiry date		price (C$)	issuable on exercise	(years)	issuable on exercise
December 14, 2023	$	3.24	1,160,000	0.46	1,160,000
May 30, 2024	$	4.54	110,250	0.92	110,250
September 4, 2024	$	8.21	836,250	1.18	836,250
December 19, 2024	$	8.24	740,450	1.47	740,450
September 14, 2025	$	12.53	125,000	2.21	83,332
November 11, 2025	$	12.63	25,000	2.37	16,666
December 7, 2025	$	11.22	50,000	2.44	33,334
February 25, 2026	$	10.87	704,000	2.66	469,342
July 26, 2026	$	9.97	100,000	3.07	33,333
August 3, 2026	$	10.80	37,500	3.10	12,498
December 21, 2026	$	9.79	634,500	3.48	211,498
April 1, 2027	$	11.14	70,000	3.76	23,333
May 2, 2027	$	9.69	157,000	3.84	-
July 11, 2027	$	7.31	25,000	4.03	-
December 16, 2027	$	8.50	692,500	4.47	-
			5,467,450		3,730,286

The weighted average remaining life of options outstanding is 2.15 years.

Share-based compensation

The fair value of options granted during 2022 was estimated using the Black-Scholes option pricing model using the following weighted average assumptions:

		Year ended December 31, 2022
Expected option life (years)		3.48
Expected volatility		55.35%
Expected dividend yield		-
Risk-free interest rate		3.10%
Expected forfeiture rate		1.00%
Fair value per option (C$)	$	3.72
Total fair value	$	2,701

15. CAPITAL STOCK (continued)

Share-based compensation (continued)

A summary of the Company's share-based compensation for options vested during the period is as follows:

		Six months ended June 30, 2023			Six months ended June 30, 2022
Share-based compensation expense	$	563		$	520
Share-based compensation recorded to inventories		534			-
Exploration and evaluation expenditures		15			195
Mineral property, plant, and equipment additions		168			830
Total share-based compensation on vested options	$	1,280		$	1,545

Share-based compensation expense
Share-based compensation expense - stock options	$	563		$	520
Share-based compensation expense (recovery) - deferred share units		(58	)		(195	)
Share-based compensation expense - restricted share units		111			54
Share-based compensation expense (recovery) - performance share units		(60	)		-
Total, share-based compensation expense	$	556		$	379

Share-based payment reserve

The share-based payment reserve records items recognized as share-based compensation. At the time that stock options 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:

		Six months ended June 30, 2023			Year ended December 31, 2022
Balance, beginning of period (year)	$	10,945		$	9,782
Share-based compensation, stock options		1,280			2,943
Stock options exercised, reallocated to capital stock		(115	)		(1,608	)
Stock options forfeited, reallocated to deficit		(37	)		(172	)
Balance, end of period (year)	$	12,073		$	10,945

15. CAPITAL STOCK (continued)

Deferred share units ("DSUs")

A summary of the Company's DSU transactions, shown in number of DSUs, during the period (year) is as follows:

	Six months ended June 30, 2023	Year ended December 31, 2022
Outstanding, beginning of period (year)	228,000	156,500
Granted⁽¹⁾	-	96,000
Vested and settled in cash⁽²⁾	-	(24,500	)
Outstanding, end of period (year)	228,000	228,000

⁽¹⁾ All DSUs were granted to independent directors of the Company.

⁽²⁾ During 2022, 24,500 DSUs were settled in cash totalling $218 upon the retirement of a director.

The following table summarizes the change in the accrued DSU liability:

		Six months ended June 30, 2023			Year ended December 31, 2022
Outstanding, beginning of period (year)	$	1,364		$	1,234
Settlement of DSUs during the period (year)		-			(218	)
Change in accrued DSU liability⁽¹⁾		(58	)		430
Effect of foreign currency translation		30			(82	)
Outstanding, end of period (year)⁽²⁾	$	1,336		$	1,364

⁽¹⁾ Change in accrued DSU liability was recorded as share-based compensation expense (recovery).

⁽²⁾ As at June 30, 2023, the market value of the Company's common shares was C$7.76 (December 31, 2022 - C$8.10).

Restricted share units ("RSUs")

A summary of the Company's RSU transactions, shown in number of RSUs, during the period (year) is as follows:

	Six months ended June 30, 2023		Year ended December 31, 2022
Outstanding, beginning of period (year)	249,498		83,500
Granted⁽¹⁾⁽²⁾	-		195,500
Vested and settled in cash	-		(27,002	)
Forfeited	(2,666	)	(2,500	)
Outstanding, end of period (year)	246,832		249,498

⁽¹⁾ RSUs were granted to certain employees, consultants, and directors of the Company.

⁽²⁾ During 2022, 13,000 RSUs were granted to a consultant and vest over a 32-month period with 50% of the RSUs vesting after each of 20 months and 32 months after the grant date respectively. The remaining RSUs granted during 2022 vest over a 3-year period with 1/3 of the RSUs vesting after each of one year, two years, and three years after the grant date, respectively.

15. CAPITAL STOCK (continued)

RSUs (continued)

The following table summarizes the change in the accrued RSU liability:

		Six months ended June 30, 2023			Year ended December 31, 2022
Outstanding, beginning of period (year)	$	254		$	11
Settlement of RSUs during the period (year)		-			(175	)
Liability of forfeited RSUs⁽¹⁾		(5	)		(6	)
Change in accrued RSU liability⁽¹⁾		331			435
Effect of foreign currency translation		11			(11	)
Outstanding, end of period (year)⁽²⁾	$	591		$	254

⁽¹⁾ During the six months ended June 30, 2023, the Company recorded net share-based compensation of $326 (June 30, 2022 - $161), including an expense of $111 (June 30, 2022 - $54), inventories costs of $163 (June 30, 2022 - $Nil), exploration and evaluation expenditures of $5 (June 30, 2022 - $23), and mineral property, plant, and equipment cost of $47 (June 30, 2022 - $84).

⁽³⁾ As at June 30, 2023, the market value of the Company's common shares was C$7.76 (December 31, 2022 - C$8.10).

Performance share units ("PSUs")

Six months ended June 30, 2023

During the six months ended June 30, 2023, the Company issued 61,875 (2022 – Nil) PSUs to executive officers of the Company in relation to the successful ramp-up of the Las Chispas processing plant which vest on December 31, 2023. During the six months ended June 30, 2023, the Company also settled 82,500 PSUs in cash totalling $536 which were granted and settled based on completion of construction of the Las Chispas Mine.

Year ended December 31, 2022

During 2022, the Company issued 173,750 PSUs to executive officers of the Company, with 82,500 PSUs being in relation to the completion of construction of the Las Chispas Operation, to vest on June 1, 2023. The remaining 91,250 PSUs were granted as part of executive officers long-term incentive plans. Vesting of these PSUs on the third anniversary of the grant date may range from 0% to 200% of the number of PSUs granted based on relative total shareholder return against a designated peer group of companies over a three-year performance period.

The following table summarizes the change in the accrued PSU liability:

		Six months ended June 30, 2023			Year ended December 31, 2022
Outstanding, beginning of period (year)	$	764		$	-
Settlement of PSUs during the period (year)		(536	)		-
Share-based compensation for PSUs⁽¹⁾		53			795
Effect of foreign currency translation		10			(31	)
Outstanding, end of period (year)⁽²⁾	$	291		$	764

⁽¹⁾ During the six months ended June 30, 2023, the Company recorded share-based compensation of $53 (2022 - $Nil), including a recovery of $60 (2022 - $Nil), inventories costs of $141 (2022 - $Nil), exploration and evaluation expenditures recovery of $4 (2022 - $Nil) and mineral property, plant, and equipment recovery of $24 (2022 - $Nil).

⁽²⁾ As at June 30, 2023, the market value of the Company's common shares was C$7.76 (December 31, 2022 - C$8.10).

16. SEGMENTED INFORMATION

During the three and six months ended June 30, 2023, the Company had one operating segment: the Las Chispas Operation. Corporate includes the corporate team that provides administrative, technical, financial, and other support to the Company's business units. During the three and six months ended June 30, 2022, the Company had two operating segments: the Las Chispas Operation and El Picacho Property ("Picacho"), which is in the exploration phase. During the three and six months ended June 30, 2023, Picacho was included under Corporate.

Significant information relating to the Company's reportable operating segments during the three and six months ended June 30, 2023 and 2022 is summarized below:

					Las Chispas			Corporate			Total
Revenue for the three months ended June 30, 2023				$	61,999		$	-		$	61,999
Income (loss) for the three months ended June 30, 2023				$	34,486		$	(10,784	)	$	23,702

Capital additions during the three months ended June 30, 2023
Mineral property				$	10,089		$	-		$	10,089
Plant and equipment					2,581			-			2,581
Total capital additions				$	12,670		$	-		$	12,670

		Picacho			Las Chispas			Corporate			Total
Income (loss) for the three months ended June 30, 2022	$	(1,613	)	$	(61	)	$	11,279		$	9,605

Capital additions during the three months ended June 30, 2022
Mineral property	$	-		$	3,841		$	-		$	3,841
Plant and equipment		-			10,328			-			10,328
Total capital additions	$	-		$	14,169		$	-		$	14,169

		Las Chispas		Corporate			Total
Revenue for the six months ended June 30, 2023	$	119,982	$	-		$	119,982
Income (loss) for the six months ended June 30, 2023	$	66,692	$	(15,825	)	$	50,867

Capital additions during the six months ended June 30, 2023
Mineral property	$	17,839	$	-		$	17,839
Plant and equipment		4,197		-			4,197
Total capital additions	$	22,036	$	-		$	22,036

		Picacho			Las Chispas			Corporate		Total
Income (loss) for the six months ended June 30, 2022	$	(3,322	)	$	(117	)	$	4,297	$	858

Capital additions during the six months ended June 30, 2022
Mineral property	$	-		$	17,944		$	-	$	17,944
Plant and equipment		-			17,624			-		17,624
Total capital additions	$	-		$	35,568		$	-	$	35,568

		Las Chispas		Corporate		Total
As at June 30, 2023
Total assets	$	311,714	$	63,773	$	375,487
Total liabilities	$	24,442	$	11,470	$	35,912

		Picacho		Las Chispas		Corporate		Total
As at December 31, 2022
Total assets	$	2,489	$	283,358	$	69,502	$	355,349
Total liabilities	$	269	$	64,952	$	13,134	$	78,355

17. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

The Company is exposed to various financial instrument risks and assesses the impact and likelihood of this exposure. These risks include liquidity, foreign currency, credit, commodity price, and interest rate risks. Where material, these risks are reviewed and monitored by the Board of Directors.

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company has in place a planning and budgeting process to help determine the funds required to ensure the Company has the appropriate liquidity to meet its operating and growth objectives. The Company's cash and cash equivalents and bullion are invested in business accounts or stored with quality financial institutions and are available on demand to fund the Company's operations.

The Company enters into contracts that give rise to commitments in the normal course of business. The following table summarizes the remaining contractual cash flows of the Company's financial liabilities and operating and capital commitments, shown in contractual undiscounted cash flows, at June 30, 2023:

		Less than 1 year		Between 1 - 3 years		Between 4 - 5 years		After 5 years		Total
Accounts payable and accrued liabilities	$	16,928	$	-	$	-	$	-	$	16,928
Tax liabilities		9,366		-		-		-		9,366
Lease liabilities⁽¹⁾		71		140		92		100		403
Reclamation and closure provision⁽¹⁾		-		-		-		12,707		12,707
TOTAL	$	26,365	$	140	$	92	$	12,807	$	39,404

⁽¹⁾ Estimated undiscounted cash flows.

Liquidity risk

The Company believes its cash and cash equivalents at June 30, 2023 of $53,413, bullion of $5,634, undrawn $70,000 Revolving Facility, and continuing revenue and profitable operations are sufficient to settle its commitments through the next 12 months.

Foreign currency risk

The Company operates in Canada and Mexico and is exposed to foreign exchange risk arising from transactions denominated in foreign currencies. The operating results and the financial position of the Company are reported in US$. The functional currency of the parent entity is C$ and therefore the Company is exposed to foreign currency risk from financial instruments denominated in currencies other than C$. The functional currency of the Company's subsidiaries is US$ and therefore the Company's subsidiaries are exposed to foreign currency risk from financial instruments denominated in currencies other than US$.

The Company is exposed to foreign currency risk through the following financial assets and liabilities, expressed in US$:

		US Dollar			Mexican Peso			Total
June 30, 2023
Cash and cash equivalents	$	31,293		$	1,493		$	32,786
Accounts receivable		98			21			119
Value-added taxes receivable		-			29,942			29,942
Total financial assets		31,391			31,456			62,847
Less: accounts payable and accrued liabilities		(112	)		(5,086	)		(5,198	)
Net financial assets	$	31,279		$	26,370		$	57,649

The Company is primarily exposed to fluctuations in the value of C$ against US$ and US$ against Mexican pesos ("MX$"). With all other variables held constant, a 1% change in C$ against US$ or US$ against MX$ would result in the following impact on the Company's net income for the year:

		June 30, 2023
C$/US$ exchange rate - increase/decrease 1%	$	313
US$/MX$ exchange rate - increase/decrease 1%	$	264

17. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (continued)

Credit risk

Credit risk is the risk of potential loss to the Company if the counterparty to a financial instrument fails to meet its contractual obligations. The Company's credit risk is primarily attributable to its liquid financial assets including cash and cash equivalents and accounts receivable.

The Company limits exposure to credit risk on liquid financial assets through maintaining its cash and cash equivalents and bullion with high-credit quality financial institutions. From time to time, the Company will have certain liquid financial assets on deposit with or held by multiple high-credit quality financial institutions as a risk mitigation practice. The Company's cash and cash equivalents are on deposit with The Bank of Montreal ("BMO") in Canada and Bank of Nova Scotia in Mexico and bullion is stored with BMO in Canada. The Company has not recognized any expected credit losses with respect to interest receivable as the amounts are due from high-credit quality financial institutions and the risk of default is considered negligible. The carrying amount of financial assets, as stated in the consolidated statement of financial position, represents the Company's maximum credit exposure.

Precious metal price risk

The Company is exposed to price risk on precious metals that impact the valuation of the Company's derivative positions, comprised of gold and silver call options written, which has a direct and immediate impact on net earnings. The prices of precious metals are volatile and affected by many factors beyond the Company's control, and there can be no assurance that precious metal prices will not be subject to wide fluctuations in the future. A substantial or extended change in precious metal prices could have an adverse effect on the Company's financial position, income, and cash flows.

Interest rate risk

Interest rate risk is the risk that the fair values or future cash flows of the Company's financial instruments will fluctuate because of changes in market interest rates. The Company's exposure to interest rate risk arises primarily from the interest rate impact on its cash and cash equivalents. The Company's cash and cash equivalents are held or invested in highly liquid accounts with both floating and fixed rates of interest, in order to achieve a satisfactory return for shareholders.

At June 30, 2023, the weighted average interest rate earned on the Company's interest bearing cash and cash equivalents was 5.39%. With all other variables unchanged, a one percentage point change in interest rates would result in approximately a $322 increase/decrease in the Company's income and comprehensive income (loss), annually.

Financial instruments carrying value and fair value

The Company's financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, and tax liabilities.

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 level of measurement for each financial instrument is determined by the lowest level of significant inputs.

The carrying value of accounts receivable, accounts payable and accrued liabilities (except as noted), and tax liabilities approximate their fair values due to the short-term nature of these instruments. In relation to the Company's SU plan (note 15), the Company recorded the fair value of SUs in accounts payable and accrued liabilities. The Company also recorded a derivative liability on its call options (note 3) in accounts payable and accrued liabilities. Both of these items are measured using level 2 inputs.

17. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (continued)

Financial instruments carrying value and fair value (continued)

The following table summarizes the carrying value and fair value, by level, of the Company's financial instruments. It does not include fair value information for financial instruments not measured at fair value if the carrying amount reasonably approximates the fair value because of their short-term nature.

		Carrying value						Fair value
		Fair value through
		profit and loss			Amortized cost			Level 1		Level 2			Level 3
June 30, 2023
Financial assets
Accounts receivable	$	-		$	138		$	-	$	-		$	-

Financial liabilities
Accounts payable and accrued liabilities		(2,294	)		(14,634	)		-		(2,294	)		-
Net financial instruments	$	(2,294	)	$	(14,496	)	$	-	$	(2,294	)	$	-

December 31, 2022
Financial assets
Accounts receivable	$	-		$	179		$	-	$	-		$	-

Financial liabilities
Accounts payable and accrued liabilities		(2,382	)		(15,294	)		-		(2,382	)		-
Debt		-			(49,591	)		-		-			(49,591	)
Net financial instruments	$	(2,382	)	$	(64,706	)	$	-	$	(2,382	)	$	(49,591	)

18. SUBSEQUENT EVENTS

Subsequent to June 30, 2023, the Company announced the results of an Updated Independent Technical Report for the Las Chispas Operation.

EX-99.2 3 exhibit99-2.htm EXHIBIT 99.2 SilverCrest Metals Inc.: Exhibit 99.2 - Filed by newsfilecorp.com

MANAGEMENT'S DISCUSSION & ANALYSIS

JUNE 30, 2023

SILVERCREST METALS INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS
(UNITED STATES DOLLARS UNLESS OTHERWISE STATED)
QUARTER ENDED JUNE 30, 2023

TSX: SIL | NYSE American: SILV

This Management's Discussion and Analysis ("MD&A") is an overview of all material information about SilverCrest Metals Inc.'s (the "Company" or "SilverCrest") operations, liquidity, and capital resources for the three and six months ended June 30, 2023. The MD&A should be read in conjunction with the unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2023 and 2022, and the related notes contained therein which have been prepared under International Accounting Standards 34 - Interim Financial Reporting as issued by the International Accounting Standards Board ("IASB"). The following should also be read in conjunction with the audited consolidated financial statements for the years ended December 31, 2022 and 2021, and the related notes contained therein which have been prepared under International Financial Reporting Standards as issued by IASB ("IFRS"). Additional information relating to the Company, including the Company's Annual Information Form for the year ended December 31, 2022 (the "AIF"), is available on SEDAR+ at www.sedarplus.ca, EDGAR at www.sec.gov, and on the Company's website www.silvercrestmetals.com. Readers are cautioned that, unless included in this MD&A, information on the Company's website does not form part of this MD&A.

All amounts are stated in United States dollars ("US$"), and tabular amounts are stated in thousands of United States dollars except for per share amounts, unless otherwise indicated. References to "C$" are to the Canadian dollar and "MX$" are to the Mexican peso. Certain amounts shown in this MD&A may not add exactly to total amounts due to rounding differences. The first, second, third, and fourth quarters of the Company's fiscal years ("FY") are referred to as "Q1", "Q2", "Q3", and "Q4", respectively, and the first and second half of the Company's fiscal years are referred to as "H1" and "H2", respectively. The following are other abbreviations used throughout this MD&A: Au (gold), Ag (silver), oz (ounces), all-in sustaining costs (AISC), gpt (grams per tonne), km (kilometres), and tpd (tonnes per day).

The effective date of this MD&A is August 9, 2023.

QUALIFIED PERSON

Technical information contained in this MD&A has been prepared by or under the supervision of N. Eric Fier, CPG, P.Eng., and Chief Executive Officer of the Company, who is a 'Qualified Person' for the purpose of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

CAUTIONARY NOTE TO US INVESTORS

This MD&A includes Mineral Resource and Mineral Reserve Estimates classification terms that comply with reporting standards in Canada and the Mineral Resource and Mineral Reserve Estimates are made in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the United States Securities and Exchange Commission (the "SEC") applicable to domestic United States reporting companies. Consequently, Mineral Resource and Mineral Reserve Estimates information included in this MD&A may not be comparable to similar information that would generally be disclosed by United States domestic reporting companies subject to the reporting and disclosure requirements of the SEC. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with US standards.

SILVERCREST METALS INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS
(UNITED STATES DOLLARS UNLESS OTHERWISE STATED)
QUARTER ENDED JUNE 30, 2023

TSX: SIL | NYSE American: SILV

FORWARD-LOOKING STATEMENTS

This MD&A contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation. Such forward-looking statements concern the Company's anticipated results and developments in the Company's operations in future periods, planned exploration and development of its properties, planned expenditures and plans related to its business and other matters that may occur in the future. These statements relate to analyses and other information that are based on expectations of future performance, including gold and silver production and planned work programs. In addition, these statements include, but are not limited to: the future price of commodities; the estimation of Mineral Resource and Mineral Reserve Estimates; the realization of Mineral Resource and Mineral Reserve Estimates; the timing and amount of estimated future production; costs of production; capital expenditures; costs and timing of the development of new deposits; timing of completion of exploration programs; technical reports and studies; the success of exploration and development activities and mining operations; future financings, the Company's share price and on the timing and completion of exploration programs, the productivity and timing of mine operation activities; permitting timelines; currency fluctuations; requirements for additional capital; government regulation of exploration and production operations; environmental risks; unanticipated reclamation expenses; title disputes or claims; completion of acquisitions and their potential impact on the Company and its operations; limitations on insurance coverage; maintenance of adequate internal control over financial reporting; and the development and advancement of the Company's environmental, social, and corporate governance strategy.

Forward-looking statements are made based upon certain assumptions and other important factors that, while considered reasonable by the Company, are inherently subject to significant business economic, competitive, political and social uncertainties and contingencies. The Company has made assumptions based on many of these factors which include, without limitation: present and future business strategies; the environment in which the Company will operate in the future, including the price of gold and silver; currency exchange rates; estimates of capital and operating costs; production estimates; Mineral Resource and Mineral Reserve Estimates, and metallurgical recoveries; and mining operational and development risks. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements, including, without limitation: the impact of the Ukraine-Russia conflict on supply chains and pricing and the availability of commodities; the timing and content of work programs; interest rate risks; global market conditions; fluctuations in the Company's share prices; results of exploration activities; the interpretation of drilling results and other geological data; reliability of Mineral Resource and Reserve estimates; receipt, maintenance and security of permits and mineral property titles; enforceability of contractual interests in mineral properties; environmental and other regulatory risks; the effects of climate change; compliance with changing environmental regulations; dependence on local community relationships; risks of local violence; risks related to natural disasters, terrorism, civil unrest, public health concerns (including the impact on operations of health epidemics or outbreaks of communicable diseases such as the COVID-19 pandemic) and other geopolitical uncertainties; reliability of costs estimates; project cost overruns or unanticipated costs and expenses; precious metals price fluctuations; fluctuations in the foreign exchange rate (particularly MX$, C$, and US$); risks associated with taxation in multiple jurisdictions; uncertainty in the Company's ability to fund the exploration and development of its mineral properties or the completion of further exploration programs; uncertainty as to whether the Company's exploration programs will result in the discovery, development or production of commercially viable ore bodies or yield reserves; operational, health and safety risks; infrastructure risks; risks associated with costs of reclamation; development plans and costs differing materially from the Company's expectations; risks and uncertainties related to the timing of mine operation activities; risks related to mineral properties being subject to prior unregistered agreements, transfers, claims, and other defects in title; uncertainty in the ability to obtain financing if required; maintaining adequate internal control over financial reporting; dependence on key personnel; and general market and industry conditions. This list is not exhaustive of the factors that may affect the Company's forward-looking statements. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking statements.

The Company's forward-looking statements are based on beliefs, expectations, and opinions of management on the date the statements are made. While the Company has attempted to identify important factors that could cause actual actions, events, or results to differ from those described in forward-looking statements, there may be factors that cause actions, events, or results not to be as anticipated, estimated, or intended. The Company undertakes no obligation to update or revise any forward-looking statements included in this MD&A if these beliefs, expectations and opinions or other circumstances should change, except as otherwise required by applicable law.

SILVERCREST METALS INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS
(UNITED STATES DOLLARS UNLESS OTHERWISE STATED)
QUARTER ENDED JUNE 30, 2023

TSX: SIL | NYSE American: SILV

TABLE OF CONTENTS

1. DESCRIPTION OF BUSINESS	5

2. HIGHLIGHTS	5

3. DISCUSSION OF LAS CHISPAS OPERATIONS	7

4. SUMMARY OF QUARTERLY RESULTS	8

5. RESULTS OF OPERATIONS	9

6. LIQUIDITY AND CAPITAL RESOURCES OUTLOOK	10

7. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT	12

8. RELATED PARTY TRANSACTIONS	13

9. OUTSTANDING SHARE CAPITAL	14

10. OFF-BALANCE SHEET ARRANGEMENTS	14

11. CHANGES IN ACCOUNTING POLICIES	14

12. RISK FACTORS	14

13. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS	15

14. NON-IFRS FINANCIAL MEASURES	16

15. INTERNAL CONTROL OVER FINANCIAL REPORTING	18

SILVERCREST METALS INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS
(UNITED STATES DOLLARS UNLESS OTHERWISE STATED)
QUARTER ENDED JUNE 30, 2023

TSX: SIL | NYSE American: SILV

1. DESCRIPTION OF BUSINESS

SilverCrest is a Canadian-based precious metals producer headquartered in Vancouver, BC, with an ongoing initiative to increase its asset base by expanding current Mineral Resource and Reserve Estimates, acquiring, discovering and developing high value precious metal projects, and ultimately operating multiple silver-gold mines in the Americas. The Company's principal focus is its Las Chispas Operation ("Las Chispas" or the "Las Chispas Operation"), in Sonora, Mexico.

The Company has a portfolio of four other mineral exploration properties in Sonora, Mexico. Further information regarding the businesses of SilverCrest, its operations and its mineral properties can be found in the most recent AIF and on the Company's website, www.silvercrestmetals.com.

The silver equivalent ("AgEq") ratio used in this MD&A of 79.51:1 is based on the results of Updated Independent Technical Report for the Las Chispas Operation (the "Updated Technical Report" or the "Report")¹, which were announced on July 31, 2023.

2. HIGHLIGHTS

Q2, 2023 Financial Highlights

● Sold a total of 13,400 ounces of gold and 1.45 million oz of silver at average realized prices² of $1,991 per oz gold and $24.36 per oz silver.

● Revenue of $62.0 million and cost of sales of $23.7 million, resulting in mine operating income of $38.3 million, which represents a 62% operating margin.

● Income of $23.7 million or $0.16 per share, inclusive of an $8.6 million ($0.06 per share) unrealized foreign currency loss.

● Net free cash flow³ of $43.7 million or $0.30 per share, supported by the net receipt of value added taxes and deferral of accounts payable and taxes.

● Increased cash balance by $7.6 million and bullion holdings by $3.6 million during the quarter, after, sustaining capital at Las Chispas of $10.1 million and retiring $25.0 million of debt.

● Cash flow from operating activities before changes in non-cash working capital items of $47.5 million or $0.32 per share.

● Cash costs ² of $7.39 per oz silver equivalent ³ sold and all-in sustaining cost² of $12.70 per oz AgEq sold based on accelerated spend towards exploration and for sustaining capital to create operational flexibility.

● Ended the quarter debt free with treasury assets² totaling $59.0 million (cash of $53.4 million and gold and silver bullion of $5.6 million). Access to an undrawn $70.0 million revolving credit facility remains.

Q2, 2023 Operating Highlights

● Recovered 16,500 ounces of gold and 1.53 million ounces of silver, or 2.84 million AgEq ounces. Recovered ounces were higher than sold ounces during the quarter, resulting in an increase in work in process and finished goods inventory of approximately 0.3 million payable AgEq ounces.

● Underground production mining rates averaged 818 tonnes per day during Q2, 2023, an increase of 16% compared to Q1, 2023 (707 tpd) and ahead of H1, 2023 expectations of 650 to 700 tpd. The Q2, 2023 rate aligns with Report expectations.

● Daily development rates continued to increase in Q2, 2023 averaging 37.8 metres per day ("mpd") (Q1, 2023 - 31.5 mpd), including 33.4 mpd of lateral development, a level which is expected to increase slightly in H2, 2023.

¹ Please refer to new release titled SilverCrest Announces Results of Updated Independent Technical Report dated July 31, 2023 and available on the Company's website. The Report will be filed on SEDAR+ within 45 days of July 31, 2023.

² Average realized prices, net free cash flow, net cash, treasury assets, cash costs and cash costs per AgEq ounce sold, AISC, and AISC per ounce sold are non-IFRS financial measures. Non-IFRS financial measures are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other companies. Please refer to the "NON-IFRS FINANCIAL MEASURES" section of this news release for additional information.

³ AgEq ratio used in this MD&A of 79.51:1 was calculated using metal prices of $1,650 per ounce for gold and $21 per ounce for silver and based on the Report NR.

SILVERCREST METALS INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS
(UNITED STATES DOLLARS UNLESS OTHERWISE STATED)
QUARTER ENDED JUNE 30, 2023

TSX: SIL | NYSE American: SILV

● Daily processing plant throughput averaged 1,186 tpd, a slight increase from Q1, 2023 rate of 1,160 tpd. Processed grades increased from Q1, 2023, averaging 4.84 grams per tonne gold (Q1, 2023 - 4.06 gpt) and 449 gpt silver (Q1, 2023 - 419 gpt).

● Metallurgical recoveries improved over Q1, 2023 with an average gold recovery of 98.4% (Q1, 2023 - 97.5%) and average silver recovery of 97.9% (Q1, 2023 - 91.9%).

● Mining contract discussions paused in Q2, 2023 and will resume in earnest now that necessary details outlined in the Report are available. It is expected that these negotiations will be finalized in H2, 2023.

Q2, 2023 Financial and Operational Highlights

	Unit	Q2, 2023	Q1, 2023	H1, 2023
Revenue	$ millions	62.0	58.0	120.0
Cost of sales	$ millions	(23.7)	(22.4)	(46.1)
Mine operating income	$ millions	38.3	35.6	73.9
Income for the period	$ millions	23.7	27.2	50.9
Income per share - basic	$/share	0.16	0.18	0.35
Net free cash flow ⁽¹⁾⁽⁵⁾	$ millions	43.7	21.8	65.5
Cash costs ⁽¹⁾⁽⁵⁾	$/oz AgEq sold	7.39	6.53	6.96
AISC ⁽¹⁾⁽⁵⁾	$/oz AgEq sold	12.70	10.94	11.82
	Unit	June 30, 2023	March 31, 2023
Cash and cash equivalents	$ millions	53.4	45.8
Bullion	$ millions	5.6	2.0
Treasury assets⁽¹⁾	$ millions	59.0	47.8
Credit Facility Debt	$ millions	-	(25.0)
Net cash	$ millions	53.4	21.0
	Unit	Q2, 2023	Q1, 2023	H1, 2023
Ore mined	tonnes	74,400	63,600	138,000
Ore milled ⁽²⁾	tonnes	107,900	104,400	212,300
Average daily mill throughput	tpd	1,186	1,160	1,173

Gold (Au)
Average processed grade	gpt	4.84	4.06	4.46
Process Recovery	%	98.4	97.5	98.0
Recovered	oz	16,500	13,300	29,800
Sold	oz	13,400	14,200	27,600
Average realized price	$/oz	1,991	1,879	1,933

Silver (Ag)
Average processed grade	gpt	449	419	434
Process Recovery	%	97.9	91.9	95.1
Recovered	million oz	1.53	1.29	2.82
Sold	million oz	1.45	1.36	2.81
Average realized price	$/oz	24.36	23.00	23.70

Silver equivalent (AgEq) ⁽³⁾
Recovered	million oz	2.84	2.35	5.19

⁽¹⁾ Non-IFRS measures. Please refer to the "NON-IFRS FINANCIAL MEASURES" section of this news release for additional information.

⁽²⁾ Ore milled includes material from stockpiles and ore mined.

⁽³⁾ Silver equivalent ("AgEq") ratio used in this news release of 79.51:1 was calculated using metal prices of $1,650 per ounce for gold and $21 per ounce for silver and based on the Report. For consistency with the comparative period, the AgEq ratio reported during Q1, 2023 was changed from 86.9:1 to 79.51:1, resulting in a change from 2.45 million oz AgEq to 2.35 million oz AgEq recovered and a change from 2.6 million AgEq oz sold to 2.5 million AgEq oz sold.

⁽⁴⁾ As Q1, 2023 was the first full quarter of production at Las Chispas, there is no 2022 quarter end financial and operational information available for comparison.

⁽⁵⁾ Comparative figures for Q1, 2023 have been updated to conform to the presentation format and calculation of costs adopted in Q2, 2023. This change was made to better align cash costs and AISC at the mine level with the format presented in the Updated Technical Report.

SILVERCREST METALS INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS
(UNITED STATES DOLLARS UNLESS OTHERWISE STATED)
QUARTER ENDED JUNE 30, 2023

TSX: SIL | NYSE American: SILV

Guidance Highlights

SilverCrest has set its H2, 2023 and 2023 guidance as follows:

Guidance Metric	Unit	H2, 2023	2023
AgEq Ounces	million oz sold	4.8 to 5.2	9.8 to 10.2
Cash Costs	$/oz AgEq sold	7.00 to 8.50	7.50 to 8.50
AISC - Mine Level	$/oz AgEq sold	11.75 to 13.50	10.75 to 11.75
AISC	$/oz AgEq sold	13.75 to 15.50	12.75 to 13.75

Notes:

1. All costs based on Mexico Peso to US dollar exchange ratio of 20:1. During Q2, 2023 the Mexican peso to US dollar exchange ratio averaged 17.7:1.

2. Cash costs and AISC are Non-IFRS measures. There are some slight differences in the way that Cash Costs and AISC were calculated in the Report compared to the Company's definitions. Please refer to the "NON-IFRS FINANCIAL MEASURES" section of this news release for additional information.

3. AISC is based on World Gold Council definition, includes corporate level costs of $2.00 per AgEq for 2023.

4. The AgEq in the table above used Ag:Au ratio of 79.51:1. If an Ag:Au ratio of 86.9:1 was applied to the table above, then AISC per AgEq ounce guidance would be reduced by $0.50 per AgEq ounce.

Cash costs and AISC are expected to increase in H2, 2023 as the weighted average cost of material sourced from the stockpile increases and due to higher sustaining capital costs. Sustaining capital is expected to increase due to more underground development, including ventilation infrastructure and the establishment of mobile maintenance facilities. The Company plans to spend approximately $24 million in sustaining capital expenditures in H2, 2023, which would bring the expected expenditure for sustaining capital in 2023 to approximately $40 million.

In conjunction with the Report, SilverCrest announced a $10 million exploration budget from now until the end of Q1, 2024. The focus of this budget will be mainly on the conversion of high-grade inferred resources with an ultimate goal of reserve replacement. The program will also include targeting of earlier stage opportunities at Las Chispas aimed at following up on high grade intercepts and new structures. The potential conversion of ounces are located near existing underground infrastructure.

3. DISCUSSION OF LAS CHISPAS OPERATIONS

Underground

In Q2, 2023 mining rates averaged 818 tpd, an increase from Q1, 2023 rates of 707 tpd and 16% above the high end of the expected range of 650-700 tpd for H1, 2023 and in-line with the Report. Mined grades in the quarter were estimated to average 5.67 gpt gold and 549 gpt silver, or 999 gpt AgEq. The mine ramp-up beyond H1, 2023, is expected to average approximately 800 tpd.

Processing Plant

During Q2, 2023, the Las Chispas processing plant performed well with throughput averaging 1,186 tpd. Gold and silver recoveries increased from Q1, 2023 (98.4% vs. 97.5% and 97.9% vs. 91.9%, respectively). These recovery levels are slightly better than those disclosed in the Report.

Processed gold and silver grades increased from Q1, 2023 levels as the percentage of lower grade historic stockpile feed was reduced and higher grades in stockpile delivered to the plant. During the quarter, processed gold grades averaged 4.84 gpt (4.06 gpt in Q1, 2023) and silver grades averaged 449 gpt (419 gpt in Q1, 2023). During Q2, 2023, the grade to the plant was increased above plan to prepare for the potential of a reduction of process plant operating time in Q3, 2023 due to planned maintenance and the potential for seasonal stormy weather impacting national grid power availability.

SILVERCREST METALS INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS
(UNITED STATES DOLLARS UNLESS OTHERWISE STATED)
QUARTER ENDED JUNE 30, 2023

TSX: SIL | NYSE American: SILV

An estimated 16,500 oz of gold and 1.53 million oz of silver, or 2.84 million silver equivalent oz were recovered in the quarter.

As outlined in the Report, the Company continues to benefit from strategic stockpiles used to supplement processing plant feed as the mine is gradually developed, and tonnage ramped-up.

Revenue

During Q2, 2023, the Company sold a total of 13,400 oz of gold and 1.45 million oz of silver, at average realized prices of $1,991 per oz gold and $24.36 per oz silver, generating revenue of $62.0 million (Q1, 2023 - $58.0 million). The 7% increase in revenue during Q2, 2023 over Q1, 2023 was primarily the result of higher gold and silver prices on ounces sold and higher silver ounces sold, offset by lower gold ounces sold due to the timing of sales.

Costs

In the second quarter, total cost of sales was $23.7 million (Q1, 2023 - $22.4 million). Cost of sales increased by 6% over Q1, 2023 primarily due to the increase in silver equivalent ounces sold.

During the quarter, cash costs averaged $7.39 per oz AgEq sold and Mine Level AISC averaged $11.41 per oz AgEq sold. Corporate Level AISC which aligns with the World Gold Council definition of AISC averaged $12.70 per oz AgEq sold, compared to $10.94 per oz AgEq in Q1, 2023. AISC increased from Q1, 2023 due to an expected increase in sustaining capital related to an increase in mine development required. Refer to the Capital Expenditure section below.

Capital Expenditure

During Q2, 2023, capital expenditure at Las Chispas increased over Q1, 2023 by $3.0 million. The majority of this planned increase during the quarter is attributed to the completion of 37% more underground development compared to Q1, 2023 to reach levels expected in the Report. The balance of the increase can be attributed to underground and surface infrastructure. It is expected that sustaining capital costs will be more elevated in H2, 2023 as a result of development of underground ventilation infrastructure and the establishment of mobile maintenance facilities. 2024 sustaining capital will continue to increase from 2023 levels as underground development is increased. This aligns with the Report, whereby the mine level AISC for 2023 and 2024 are expected to have higher sustaining capital relative to the remaining life of mine.

ESG

In May 2023, the Company was recognized with the 2023 Empresa Socialmente Responsable (ESR) Socially Responsible Company Distinction by the Mexican Center for Philanthropy (CEMEFI) for 'the areas of Quality of Life in the Company, Ethics and Corporate Governance, Links with the Community and Care and Preservation of the Environment'.

On June 14, 2023 SilverCrest delivered its inaugural ESG report for the year ended 2022, which is available on the Company's website.

Subsequent to the end of the quarter, the Company commenced the second of its five-year $1.5 million local water infrastructure projects. In addition, the Company finalized labour negotiations with its main union for a two-year period within the budgeted cost range.

4. SUMMARY OF QUARTERLY RESULTS

The following table sets out information, derived from the Company's unaudited condensed consolidated interim financial statements prepared in accordance with IAS 34 "Interim Financial Reporting" as issued by the IASB, for each of the eight most recently completed financial quarters:

SILVERCREST METALS INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS
(UNITED STATES DOLLARS UNLESS OTHERWISE STATED)
QUARTER ENDED JUNE 30, 2023

TSX: SIL | NYSE American: SILV

		Q2, 2023		Q1, 2023		Q4, 2022		Q3, 2022
		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022
		$ 000's, Except Per Share Amounts
Revenue	$	61,999	$	57,983	$	40,791	$	2,719
Income for the period	$	23,702	$	27,165	$	5,231	$	25,212
Income per common share - basic	$	0.16	$	0.18	$	0.03	$	0.17
Income per common share - diluted	$	0.16	$	0.18	$	0.04	$	0.17

		Q2, 2022		Q1, 2022			Q4, 2021			Q3, 2021
		Jun 30, 2022		Mar 31, 2022			Dec 31, 2021			Sep 30, 2021
	$ 000's, Except Per Share Amounts
Income (loss) for the period	$	9,605	$	(8,747	)	$	(7,949	)	$	6,917
Income (loss) per common share - basic	$	0.07	$	(0.06	)	$	(0.06	)	$	0.05
Income (loss) per common share - diluted	$	0.06	$	(0.06	)	$	(0.06	)	$	0.05

The Company started commissioning the Las Chispas process plant during Q2, 2022 and had its first precious metal sales during Q3, 2022. The ramp-up of the process plant operation continued in Q3, 2022 and commercial production was achieved in Q4, 2022. Q1, 2023 was the Company's first full quarter of production which has continued to date.

Please refer to note 5 Results of Operations below for the significant variations in items that make up the income for the current and comparative periods. In addition, the Company had a foreign exchange gain during Q1, 2023, Q3, 2022, Q2, 2022, and Q3, 2021. The Q1, 2023, foreign exchange gain was due to MX$ denominated balances as the value of MX$ increased, relative to the parent entity's functional currency of C$. The Q3, 2022, Q2, 2022, and Q3, 2021, foreign exchange gains were due to US$ and MX$ denominated balances as the value of both US$ and MX$ increased, relative to the parent entity's functional currency of C$. The parent entity holds the majority of the cash and cash equivalents and has MX$ denominated inter-company loans receivable. During Q3, 2022, Q2, 2022, and Q3, 2021 the Company also had a large adjustment on foreign currency translation as a result of translating parent entity balances to US$. This adjustment on foreign currency translation is included in comprehensive income (loss) but not in regular income for the respective periods.

5. RESULTS OF OPERATIONS

During Q2, 2023, income was $23.7 million, compared to $9.6 million for Q2, 2022. The significant variations between these periods, ranked from largest to smallest, included:

	Three months ending June 30,
	2023		2022		Variance
	$ 000's		$ 000's		$ 000's			Variance explanation
Revenue	$	61,999	$	-	$	61,999	The Company had its first metal sales during Q3, 2022 so there were no comparable sales in Q2, 2022. The Company declared commercial production effective November 1, 2022.
Cost of sales	$	(23,706)	$	-	$	(23,706)	The Company has only had metal sales since Q3, 2022 there were no comparable cost of sales in Q2, 2022. While the Las Chispas Operation achieved commercial production in Q4, 2022, the underground mine remains in a planned ramp-up phase, and the processing plant is currently fed with a mix of ore from stockpiles and run-of-mine. Stockpile inventory that was recorded as cost of sales included ore that was mined prior to the development phase and had previously been expensed as exploration and evaluation expenditures. This lowered the weighted average cost of stockpile inventory in Q2, 2023. As a result, the cost of sales are lower than anticipated steady-state operating costs, when these stockpiles have been fully processed.
Foreign exchange (loss) gain	$	(8,641)	$	12,025	$	(20,666)	During Q2, 2023, the Company recognized unrealized foreign exchange losses resulting from the translation of intercompany balances between the parent entity and its subsidiaries. This was due to the relative depreciation in the value of MX$ to C$ during Q2, 2023. During Q2, 2023, the value of US$ decreased, relative to C$ which resulted in realized foreign exchange losses in the parent entity which has a functional currency of C$, as it held $31.3 million (December 31, 2022 - $29.5 million) in US$ denominated cash and cash equivalents at June 30, 2023. During Q2, 2022, both the US$ and MX$ appreciated relative to the C$.
Income tax expense	$	(3,383)	$	-	$	(3,383)	During Q2, 2023, the Company recorded a $2.7 million provision related to the 7.5% special mining duty which was estimated to be payable to the Mexican government on gold and silver sales.
General and administrative expenses	$	(3,043)	$	(1,520)	$	(1,523)	During Q2, 2023, Las Chispas was in the production phase, opposed to the development phase in Q2, 2022, which resulted in the Company having a higher headcount in Q2, 2023, compared to Q2, 2022 and there were increased compensation packages due to performance reviews at the end of 2022. The Company also began to accrue annual bonuses monthly, during 2023 which resulted in a comparatively higher expense during Q2, 2023.
Exploration and evaluation expenditures	$	(151)	$	(1,635)	$	1,484	During Q2, 2023, the Company focused on permitting, access agreements, mapping, and sampling of unexplored areas for target generation on El Picacho. Comparatively, there was no drilling at Picacho during Q2, 2023 vs 10.6 km during Q2, 2022. As a result, expenditures were lower, year-over-year.

SILVERCREST METALS INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS
(UNITED STATES DOLLARS UNLESS OTHERWISE STATED)
QUARTER ENDED JUNE 30, 2023

TSX: SIL | NYSE American: SILV

During H1, 2023, income was $50.9 million, compared to $0.9 million for H1, 2022. The significant variations between these periods, ranked from largest to smallest, included:

	Six months ending June 30,
		2023		2022		Variance
		$ 000's		$ 000's		$ 000's	Variance explanation
Revenue	$	119,982	$	-	$	119,982	The Company had its first metal sales during Q3, 2022 so there were no comparable sales in H1, 2022. The Company declared commercial production effective November 1, 2022.
Cost of sales	$	(46,083)	$	-	$	(46,083)	The Company has only had metal sales since Q3, 2022 so there were no comparable cost of sales in H1, 2022. While the Las Chispas Operation achieved commercial production in Q4, 2022, the underground mine remains in a planned ramp-up phase, and the processing plant is currently fed with a mix of ore from stockpiles and run-of-mine. Stockpile inventory that was recorded as cost of sales included ore that was mined prior to the development phase and had previously been expensed as exploration and evaluation expenditures. This lowered the weighted average cost of stockpile inventory in H1, 2023. As a result, cost of sales are lower than anticipated steady-state operating costs, when stockpiles have been fully processed.
Foreign exchange (loss) gain	$	(7,522)	$	6,725	$	(14,247)	During H1, 2023, the Company recognized unrealized foreign exchange losses resulting from MX$ denominated intercompany balances between the parent entity and its subsidiaries. This was due to the relative appreciation in the value of MX$ relative to the subsidiaries functional currency of US$ during H1, 2023. During Q2, 2023, the value of US$ decreased, relative to C$ which resulted in realized foreign exchange losses in the parent entity which has a functional currency of C$, as it held $31.3 million (December 31, 2022 - $29.5 million) in US$ denominated cash and cash equivalents at June 30, 2023. During H1, 2022, both the US$ and MX$ appreciated relative to the C$.
Income tax (expense) recovery	$	(8,587)	$	57	$	(8,644)	During 2022, the Company had its first revenue from operations and determined that it was appropriate to record certain tax liabilities as their likelihood of being realized had increased. During H1, 2023, the Company recognized deferred income tax due to unrealized foreign exchange gains on intercompany loan balances. As the Company has begun to repatriate cash generated from operations from Mexico to Canada, the realization of these foreign exchange gains have a greater likelihood of occurring. During H1, 2023, the Company also recorded a $5.2 million provision related to the 7.5% special mining duty which was estimated to be payable to the Mexican government on gold and silver sales.
Exploration and evaluation expenditures	$	(377)	$	(3,389)	$	3,012	During H1, 2023, the Company focused on permitting, access agreements, mapping, and sampling of unexplored areas for target generation for El Picacho. There was no drilling at Picacho during H1, 2023 vs 20.3 km during H1, 2022. As a result, expenditures were lower, year-over-year.
General and administrative expenses	$	(5,858)	$	(3,172)	$	(2,686)	The Company had a higher head-count in H1, 2023, compared to H1, 2022, due to new hires and in line with increased activity. Also, there were increased compensation packages including bonuses as a result of performance reviews.
Interest and finance expense	$	(2,037)	$	(127)	$	(1,910)	The Company declared commercial production effective November 1, 2022, and accordingly, began to expense interest costs on debt in the consolidated statement of income and comprehensive income (loss); debt interest costs was previously capitalized during the development stage.

6. LIQUIDITY AND CAPITAL RESOURCES OUTLOOK

The Company has primarily financed its operations to date through the issuance of common shares, debt, and (most recently) revenues. The Company obtained its first debt financing at the end of 2020, refinanced this debt at the end of 2022, and fully repaid the remaining outstanding debt during Q2, 2023. The Company has received revenues from its operations since Q3, 2022.

Assets

At June 30, 2023, the Company held $53.4 million (December 31, 2022 - $50.8 million) as cash and cash equivalents. The primary factors that contributed to the increase in cash and cash equivalents from December 31, 2022 to June 30, 2023 include:

● $80.8 million (H1, 2022 - $13.3 million used in) provided by operating activities primarily due to income generated from mining operations at Las Chispas offset by an increase in inventories and the payment of accounts payable, in the normal course of business;

● $51.4 million (H1, 2022 - $3.0 million) used in financing activities primarily for early repayment of debt (see "6. Liquidity and Capital Resources Outlook - Liabilities"); and

SILVERCREST METALS INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS
(UNITED STATES DOLLARS UNLESS OTHERWISE STATED)
QUARTER ENDED JUNE 30, 2023

TSX: SIL | NYSE American: SILV

● $24.6 million (H1, 2022 - $38.0 million) used in investing activities primarily for sustaining capital investments at the Las Chispas Operation and bullion purchases, partially offset by interest income received.

As of June 30, 2023, bullion totaled $5.6 million (December 31, 2022 - $Nil), which consisted of gold and silver bars purchased from a bullion bank to hold as treasury assets in accordance with the Company's liquidity management policy. The bullion is held in storage with The Bank of Montreal in Canada. For further details on bullion, please refer to note 3 of the condensed consolidated interim financial statements for the three and six months ended June 30, 2023.

As of June 30, 2023, inventories totaled $46.6 million (December 31, 2022 - $40.2 million), which consisted of stockpile ore, work-in-process, finished goods, and material and supplies. The Company did not hold any non-current inventories.

As of June 30, 2023, value-added taxes receivable decreased to $30.0 million (December 31, 2022 - $31.4 million), which consisted primarily of IVA of $29.9 million (December 31, 2022 - $31.4 million) that the Company has paid and is due to be recovered. The Company believes the balance is fully recoverable and has not provided an allowance. As the Company is uncertain of the timing of the recovery of IVA, it has recorded $13.5 million, being the portion of the receivable that it estimates will be received within the next 12 months, as current and the remaining $16.4 million receivable as non-current. The Company received aggregate IVA refunds of $13.1 million during H1, 2023 (H1, 2022 - $7.0 million).

As of June 30, 2023, mineral property, plant, and equipment increased to $236.4 million (December 31, 2022 - $228.1 million) as H1, 2023, total additions of $22.0 million exceeded depreciation and depletion of $13.6 million. Additions were primarily related to sustaining capital investments at the Las Chispas Operation.

Liabilities

As of June 30, 2023, accounts payable and accrued liabilities amounted to $16.9 million (December 31, 2022 - $17.7 million) and was comprised primarily of various contractual obligations arising in the normal course of business, including the fair value of share units issued and outstanding as of June 30, 2023. For further details on accounts payable and accrued liabilities, please refer to note 6 of the unaudited condensed consolidated interim financial statements for the six months ended June 30, 2023.

As of June 30, 2023, tax liabilities was $9.4 million (December 31, 2022 - $5.7 million) which were mainly withholding taxes to be paid upon the payment of interest on intercompany loans and 7.5% special mining duty.

During H1, 2023, the Company fully repaid its $50.0 million term loan. Its undrawn $70.0 million revolving credit facility remains available until November 27, 2026 and is available for general corporate purposes and to provide working capital (funds available to meet current, short-term obligations if necessary).

As of June 30, 2023, deferred income tax liability amounted to $3.9 million (December 31, 2022 - $0.4 million) (see variance analysis, above).

As of June 30, 2023, the reclamation and closure provision increased to $5.5 million (December 31, 2022 - $4.6 million), which is the present value of estimated future net cash outflows to rehabilitate the Las Chispas Operation for disturbances in existence. This increase was primarily driven by changes in foreign exchange rates. The undiscounted value of the reclamation and closure provision is estimated to be $12.7 million (December 31, 2022 - $11.2 million). The undiscounted value of the reclamation and closure provision is based on a cost estimate of $6.9 million and aligned with closure costs discussed in the Report. An inflation rate of 4.6% per annum was applied to arrive at the estimated future value of the provision. Most of the expenditures are expected to occur in 2030 and 2032.

Liquidity outlook and risks

The Company began generating revenue during Q3, 2022 with the startup and commissioning of the Las Chispas Operation and declared commercial production during Q4, 2022. Management believes its liquidity as at the date of this MD&A together with future revenues, and its undrawn $70.0 million revolving credit facility will be sufficient to fund its operating activities and provide general corporate purpose needs beyond the next 12 months. The Company's financial condition is dependent on its ability to operate Las Chispas. To facilitate the management of its capital requirements, the Company typically prepares annual expenditure budgets, which are revised periodically based on projected production and the results of its exploration and operational activities, availability of financing, and industry conditions. For discussion of the Company's outlook on production and costs for the remainder of the year, refer to the Guidance section above.

The impact of inflation on the Company's financial position and operating performance over the next 12 months cannot be determined with any degree of certainty due to a number of factors outside of the Company's control.

SILVERCREST METALS INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS
(UNITED STATES DOLLARS UNLESS OTHERWISE STATED)
QUARTER ENDED JUNE 30, 2023

TSX: SIL | NYSE American: SILV

Commitments and contractual obligations

The Company occasionally will enter certain long-term leases as a lessee. Where they are not considered low value leases, the Company will recognize an asset and a liability in its consolidated statement of financial position. As at June 30, 2023, the Company had total lease liabilities of $0.3 million (December 31, 2022 - $0.4 million) of which $0.1 million (December 31, 2022 - $0.1 million) was a current liability.

The Company has certain 20-year lease agreements relating to the lease of surface rights so that the Company can pass over areas of land to access both its Las Chispas and Picacho properties. Annual surface right payments total $0.4 million.

The Company enters into contracts that give rise to commitments in the normal course of business. The following table summarizes the remaining contractual cash flows of the Company's financial liabilities and contractual obligations shown in contractual undiscounted cash flows, at June 30, 2023:

		Less than 1 year		Between 1 - 3 years		Between 4 - 5 years		After
		Less than 1 year		Between 1 - 3 years		Between 4 - 5 years		5 years		Total
		$ 000's		$ 000's		$ 000's		$ 000's		$ 000's
Accounts payable and accrued liabilities	$	16,928	$	-	$	-	$	-	$	16,928
Tax liabilities		9,366		-		-		-		9,366
Purchase obligation		76		-		-		-		76
Lease liabilities		71		140		92		100		403
Reclamation and closure provision⁽¹⁾		-		-		-		12,707		12,707
TOTAL	$	26,441	$	140	$	92	$	12,807	$	39,480

⁽¹⁾ Estimated undiscounted cash flows.

7. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

The Company's financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, and tax liabilities. The carrying value of accounts receivable, accounts payable and accrued liabilities (except as noted), and tax liabilities approximate their fair values due to the short periods until settlement. The Company's accounts payable and accrued liabilities related to deferred share units ("DSUs"), restricted share units ("RSUs") and performance share units ("PSUs") are measured using level 2 inputs. The Company is exposed to various financial instrument risks and assesses the impact and likelihood of this exposure. These risks include liquidity, foreign currency, credit, commodity price, and interest rate risks. Where material, these risks are reviewed and monitored by the Board of Directors. Foreign currency risk is described below, and for further details on these risks, please refer to note 17 of the unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2023.

Foreign currency risk

The Company operates in Canada and Mexico and is exposed to foreign exchange risk arising from transactions denominated in foreign currencies. The operating results and the financial position of the Company are reported in US$. The functional currency of the parent entity is C$ and is therefore exposed to foreign currency risk from financial instruments denominated in currencies other than C$. The functional currency of the Company's subsidiaries is US$ and therefore the Company's subsidiaries are exposed to foreign currency risk from financial instruments denominated in currencies other than US$. In addition to the financial instruments identified in accordance with IFRS 9 - Financial Instruments as summarized in the table below, the Company holds value added taxes receivable which are denominated in Mexican peso which are subject to foreign currency fluctuations.

The Company is exposed to foreign currency risk through the following financial assets and liabilities, expressed in US$:

		US Dollar			Mexican Peso			Total
		$ 000's			$ 000's			$ 000's
June 30, 2023
Cash and cash equivalents	$	31,293		$	1,493		$	32,786
Accounts receivable		98			21			119
Value-added taxes receivable		-			29,942			29,942
Total financial assets		31,391			31,456			62,847
Less: accounts payable and accrued liabilities		(112	)		(5,086	)		(5,198	)
Net financial assets	$	31,279		$	26,370		$	57,649

SILVERCREST METALS INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS
(UNITED STATES DOLLARS UNLESS OTHERWISE STATED)
QUARTER ENDED JUNE 30, 2023

TSX: SIL | NYSE American: SILV

The Company is primarily exposed to fluctuations in the value of C$ against US$ and US$ against MX$. With all other variables held constant, a 1% change in C$ against US$ and US$ against MX$ would result in the following impact on the Company's net income for the year:

		June 30, 2023
	$ 000's
C$/US$ exchange rate - increase/decrease 1%	$	313
US$/MX$ exchange rate - increase/decrease 1%	$	264

Precious metal price risk

The Company is exposed to price risk on precious metals that impact the valuation of the Company's derivative positions, comprised of gold and silver call options written, which have a direct and immediate impact on the value of certain financial assets, financial liabilities, and net earnings. The prices of precious metals are volatile and affected by many factors beyond the Company's control, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended change in commodity prices could have an adverse effect on the Company's financial position, income, and cash flows.

8. RELATED PARTY TRANSACTIONS

Professional fees

The Company had the following transactions with Koffman Kalef LLP, a law firm of which the Company's Corporate Secretary is a partner.

		Six months ended June 30, 2023		Six months ended June 30, 2022
		$ 000's		$ 000's
Professional fees - expense	$	92	$	68

		June 30, 2023		December 31, 2022
		$ 000's		$ 000's
Payable to Koffman Kalef LLP	$	20	$	12

Key management compensation

		Six months ended June 30, 2023		Six months ended June 30, 2022
		$ 000's		$ 000's
Salaries, short-term incentives, management fees, and directors' fees ⁽¹⁾	$	1,689	$	750
Share-based compensation⁽²⁾	$	612	$	656
	$	2,301	$	1,406

⁽²⁾ Share-based compensation includes amounts recorded for stock options, DSUs, RSUs, and PSUs. Please see note 15 of the unaudited condensed consolidated interim financial statements for the six months ended June 30, 2023 for further details.

Other transactions

The Company has an allocation of costs agreement with Goldsource Mines Inc. ("Goldsource"), a company related by common directors and officers (N. Eric Fier, Bernard Poznanski, and Graham Thody), whereby the Company shares salaries, administrative services, and other expenses. Amounts allocated to Goldsource are due at the end of each fiscal quarter and accrue interest at a rate of 1% per month, if in arrears for greater than 30 days.

SILVERCREST METALS INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS
(UNITED STATES DOLLARS UNLESS OTHERWISE STATED)
QUARTER ENDED JUNE 30, 2023

TSX: SIL | NYSE American: SILV

		Six months ended June 30, 2023		Six months ended June 30, 2022
		$ 000's		$ 000's
Costs allocated to Goldsource	$	48	$	40

		June 30, 2023		December 31, 2022
		$ 000's		$ 000's
Receivable from Goldsource	$	12	$	19

9. OUTSTANDING SHARE CAPITAL

As of August 9, 2023, the Company had the following common shares, options and share units issued and outstanding:

Security	C$ per share	Expiry	Issued and Outstanding
Common Shares			147,231,264
Options⁽¹⁾	C$3.24 - C$12.63	Dec 14, 2023 - Dec 16, 2027	5,456,950
DSUs, RSUs and PSUs⁽¹⁾⁽²⁾			495,957
Fully Diluted			153,184,171

(1) Each option is convertible or exchangeable into one common share of the Company. The Board of Directors may elect one or any combination of the following settlement methods for the settlement of DSUs, RSUs and PSUs: issuing shares from treasury, causing a broker to purchase shares on the TSX; and/or paying cash. Where settlement through shares is chosen, each DSU, RSU and PSU is convertible or exchangeable into one common share of the Company.

(2) This excludes 132,000 DSUs that were outstanding at June 30, 2023, as they are to be settled in cash.

10. OFF-BALANCE SHEET ARRANGEMENTS

As of June 30, 2023, the Company had no off-balance sheet arrangements.

11. CHANGES IN ACCOUNTING POLICIES

During H1, 2023, the Company adopted an accounting policy relating to its bullion holdings. Bullion is initially recorded at cost on acquisition and subsequently measured at fair value at the end of each reporting period. Changes in the fair value are recognized in the period the changes occur. These changes are recorded to interest and investment income in the consolidated statements of income and comprehensive income (loss). See note 3 of the condensed consolidated interim financial statements for the three and six months ended June 30, 2023 for further details.

During H1, 2023, the Company adopted the IASB published amendments to IAS 12 - Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction. The Company concluded that the adoption of the amendments had no significant impact on its interim condensed consolidated financial statements.

12. RISK FACTORS

Besides the risks discussed elsewhere in this MD&A, there are other risks and uncertainties that have affected the Company's financial statements or that may affect them in the future. See "Risk Factors" in the Company's Annual Information Form for the year ended December 31, 2022 for other risks affecting or that could potentially affect the Company.

● Activities of the Company may be impacted by public health crises;

● The Company's exploration, development, and mining activities are subject to foreign currency exchange fluctuations which could result in foreign exchange losses;

● Precious metal prices and the fair value of bullion held are subject to wide fluctuations;

● The Company is subject to assessment by taxation authorities in multiple jurisdictions that arise in the ordinary course of business;

● Interest rate and inflation risks;

● Economic conditions for mining; and

● The Company may not be successful in maintaining internal control over financial reporting.

SILVERCREST METALS INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS
(UNITED STATES DOLLARS UNLESS OTHERWISE STATED)
QUARTER ENDED JUNE 30, 2023

TSX: SIL | NYSE American: SILV

13. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS

The preparation of consolidated financial statements in accordance with IFRS requires management to make judgments, estimates, and assumptions that affect the reported amounts and the valuation of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenditures during the year. These judgments and estimates are continuously evaluated and are based on management's experience and knowledge of the relevant facts and circumstances. Actual results may differ from the estimates. Revisions to estimates and the resulting effects on the carrying amounts of the Company's assets and liabilities are accounted for prospectively. Information about such judgments and estimates is contained in note 3 to the audited consolidated financial statements for the year ended December 31, 2022. Management has made the following critical estimates and judgments:

Recoverable value of and impairment of non-current assets

Management must determine whether or not indicators of impairment are present and when indicators of impairment are present estimate the recoverable value of the Company's non-current assets.

Functional currency

The functional currency for an entity is the currency of the primary economic environment in which the entity operates. The Company has determined the functional currency of the parent entity to be C$ and its subsidiaries to be US$. Determination of functional currency may involve certain judgments to determine the primary economic environment, and the Company reconsiders the functional currency of its entities if there is a change in events and conditions which determine the primary economic environment.

Mineral Reserve Estimate and the Life of Mine plan

The Company estimates its Mineral Reserve Estimate in accordance with the requirements of National Instrument 43-101. Estimates of the quantities of the Mineral Reserve Estimate form the basis for the Company's life of mine plans, which are used for the calculation of depletion expense under the units of production method, impairment tests, and forecasting the timing of the payments related to the environmental reclamation provision.

Share-based payments

The Company uses the Black-Scholes model to value share-based payments related to stock options. The option valuation model requires the input of highly subjective assumptions including the expected stock price volatility. Because the Company's stock options have characteristics significantly different from those of traded options and because the subjective input assumptions can materially affect the calculated fair value, such value is subject to measurement uncertainty.

Collectability and classification of IVA recoverable

IVA recoverable is collectible from the government of Mexico. The collection of IVA is subject to a complex application and collection process and therefore, there is risk related to the collectability and timing of payment from the Mexican government. The Company uses its best estimates based on the facts known at the time and its experience to determine its best estimate of the collectability and timing of these recoveries. Changes in the assumptions regarding collectability and the timing of collection could impact the valuation and classification as a current or non-current asset associated with IVA recoverable.

Inventories valuation and cost

The measurement of inventories, including the determination of its net realizable market value ("NRV"), especially as it relates to metal processing inventory involves the use of estimates.

Las Chispas has mineral stockpiles that are valued at the lower of weighted average cost and NRV. This is the same for work-in-process and finished goods. NRV is calculated as the estimated price at the time of sale based on prevailing and long-term metal prices less estimated future costs to convert the inventories into saleable form and estimated costs to sell, discounted where applicable. In determining the value of these stockpiles, the Company makes estimates of tonnages, grades, and the recoverability of ore in these stockpiles to estimate its value. Changes in these estimates can result in a change in carrying amounts of inventory, which could result in charges to cost of sales. The determination of forecast sales prices, recovery rates, grade, assumed contained metal in stockpiles, work-in-process and processing and selling costs all requires significant assumptions that impact the carrying value of inventories.

The cost of inventories include:

● Mining costs incurred in production such as labour, material costs, and depreciation and depletion;

● Mining overhead is allocated to inventory based on a monthly allocation prepared by the Company; and

● Indirect and plant costs that are attributed to mining production.

SILVERCREST METALS INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS
(UNITED STATES DOLLARS UNLESS OTHERWISE STATED)
QUARTER ENDED JUNE 30, 2023

TSX: SIL | NYSE American: SILV

Estimate of reclamation and closure cost provision

The Company's provision for reclamation and closure costs represents management's best estimate of the present value of the future cash outflows required to settle the liability which reflects estimates of future costs, the timing of the cash flows associated with the future costs, inflation, and movements in foreign exchange rates when liabilities are anticipated to be settled in a currency other than US$. Cost estimates can vary in response to many factors including changes to the relevant legal requirements, whether closure plans achieve intended reclamation goals, the emergence of new restoration techniques, or experience at other mine sites, local inflation rates, and foreign exchange rates. Future changes to environmental laws and regulations could increase the extent of reclamation and rehabilitation work required to be performed by the Company. Increase in future costs could materially impact the amounts charged to operations for reclamation and closure. The expected timing of expenditures can also change, for example, in response to changes in Mineral Reserve Estimate, production rates, or economic conditions. The Company's assumptions are reviewed at the end of each reporting period and adjusted to reflect management's current best estimate and changes in any of the aforementioned factors can result in a material change to the provision recognized by the Company.

14. NON-IFRS FINANCIAL MEASURES

SilverCrest uses certain non-IFRS performance measures in this MD&A. Non-IFRS financial measures do not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, management and certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

Non-IFRS financial measures - Average realized gold and silver price

Average realized gold and silver price per ounce is calculated by dividing the Company's gross revenue from gold or silver sales for the relevant period by the gold or silver ounces sold, respectively. The Company believes the measure is useful in understanding the metal prices realized by the Company throughout the period. Average realized price per ounce sold is a common performance measure that does not have any standardized meaning. The most directly comparable measure prepared in accordance with IFRS is revenue from gold and silver sales.

			Q2, 2032			Q1, 2023			H1, 2023
($ 000's, except per ounce amounts)
Revenues from financial statements		$	61,999		$	57,983		$	119,982
Ag sales			(35,319	)		(31,307	)		(66,626	)
Au sales	A		26,680			26,676			53,356
Au oz sold during the period	B		13,400			14,200			27,600
Average realized Au price per oz sold	A/B	$	1,991		$	1,879		$	1,933

Revenues from financial statements			61,999			57,983			119,982
Au sales			(26,680	)		(26,676	)		(53,356	)
Ag sales	A		35,319			31,307			66,626
Ag oz sold during the period	B		1,450,000			1,361,000			2,811,000
Average realized Ag price per oz sold	A/B	$	24.36		$	23.00		$	23.70

Non-IFRS financial measure - Net free cash flow

Net free cash flow is not meant to be a substitute for the cash flow information presented in accordance with IFRS. SilverCrest calculates net free cash flow by deducting expenditures on mineral property, plant, and equipment from net cash provided by operating activities. Non-sustaining and growth capital activities are excluded. Net free cash flow is divided by the basic weighted average shares outstanding to get the net free cash flow per basic share. The Company believes that this measure provides valuable assistance to investors and analysts in evaluating the Company's ability to generate cash flow after capital investments and build the cash resources of the Company. The most directly comparable measure prepared in accordance with IFRS is net cash provided by operating activities less net cash used in investing activities. This differs from the Company's calculation as net cash used in investing activities is used in place of expenditures on mineral property, plant, and equipment. Net cash used in investing activities would include all cash inflows and outflows related to investing activities as per the consolidated statement of cash flows.

Net free cash flow ($ 000's)		Q2, 2023		Q1, 2023		H1, 2023
Cash flow from operating activities		53,808		26,973		80,781
Sustaining capital expenditures		(10,103	)	(5,181	)	(15,284	)
Net free cash flow at mine level	A	43,705		21,792		65,497
Weighted average shares outstanding - basic	B	147,231		147,200		147,216
Net free cash flow - basic per share	A/B	0.30		0.15		0.44

SILVERCREST METALS INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS
(UNITED STATES DOLLARS UNLESS OTHERWISE STATED)
QUARTER ENDED JUNE 30, 2023

TSX: SIL | NYSE American: SILV

Sustaining capital expenditures ($ 000's)	Q2, 2023		Q1, 2023⁽¹⁾		H1, 2023
Expenditures on mineral property, plant, and equipment	(12,919	)	(7,930	)	(20,849	)
Payment of lease liabilities	(28	)	(43	)	(71	)
Non-sustaining and growth capital activities	2,844		2,792		5,636
Sustaining capital expenditures	(10,103	)	(5,181	)	(15,284	)

⁽¹⁾ Q1, 2023 sustaining capital expenditures have been updated to conform to calculation of costs adopted in Q2, 2023, which reallocated exploration costs from sustaining to non-sustaining and growth capital activities.

Non-IFRS financial measure - Net cash

SilverCrest calculates net cash by deducting debt from cash and cash equivalents as reported in the consolidated statements of financial position. The Company believes that in addition to conventional measures prepared in accordance with IFRS, net cash is useful to evaluate its liquidity and capital resources.

Net Cash	June 30, 2023	March 31, 2023
	$ 000's	$ 000's
Cash and cash equivalents	53,413	45,765
Debt	-	(24,811	)
Net cash	53,413	20,954

Non-IFRS financial measure - Treasury assets

SilverCrest calculates treasury assets as cash and cash equivalents plus bullion as reported in the consolidated statements of financial position. The Company believes that in addition to conventional measures prepared in accordance with IFRS, treasury assets is useful to evaluate its liquidity and capital resources.

Treasury assets	June 30, 2023 $ 000's	March 31, 2023 $ 000's
Cash and cash equivalents	53,413	45,765
Bullion	5,634	1,985
Treasury Assets	59,047	47,750

Non-IFRS financial measure - Cash costs and cash costs per silver equivalent ounce sold

The Company uses cash costs per ounce of precious metals sold to monitor its operating performance internally. The most directly comparable measure prepared in accordance with IFRS is cost of sales. The Company believes this measure provides investors and analysts with useful information about its underlying cash costs of operations. The Company also believes it is a relevant metric used to understand its operating profitability and ability to generate cash flow. Cash costs are measures developed by precious metals companies in an effort to provide a comparable standard; however, there can be no assurance that the Company's reporting of these non-IFRS financial measures are similar to those reported by other mining companies. They are widely reported in the silver mining industry as a benchmark for performance, but do not have a standardized meaning and are disclosed in addition to IFRS financial measures. Cash costs include production costs, refinery and transportation costs and extraordinary mining duty. Cash costs excludes non-cash depreciation and depletion and site share-based compensation.

Cash costs per silver equivalent ounce sold is calculated by dividing cash costs by the silver equivalent ounces sold.

Non-IFRS financial measure - AISC and AISC per silver equivalent ounce sold

The Company defines AISC as the sum of total cash costs (as defined above); general and administrative expenses; share-based compensation; reclamation and closure provision depletion and accretion related to current operations; sustaining capital expenditures relating to current operations, including underground mine development and exploration and evaluation costs; and payments for leases. Corporate and allocated general and administrative expenses do not include non-cash depreciation. As this measure seeks to reflect the full cost of silver equivalent production from current operations, growth capital is excluded. Certain other cash expenditures, including tax payments and financing charges are also excluded. There are some slight differences in the way that Cash Costs and AISC were calculated in the Report compared to the Company's definitions as the Report looks at the standalone operation. The Report includes 7.5% mining royalty (treated as an income tax under IFRS) but excluded corporate and allocated general and administrative expenses and share-based compensation.

SILVERCREST METALS INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS
(UNITED STATES DOLLARS UNLESS OTHERWISE STATED)
QUARTER ENDED JUNE 30, 2023

TSX: SIL | NYSE American: SILV

($ 000's, except per ounce amounts)		Q2, 2023			Q1, 2023⁽²⁾			H1, 2023
Cost of sales from financial statements	$	23,706		$	22,377		$	46,083
Less: depreciation and depletion		(4,990	)		(4,045	)		(9,035	)
Less: changes in inventories		877			(906	)		(29	)
Less: corporate salaries and other expenses in cost of sales		(1,003	)		(1,163	)		(2,166	)
Total cash costs		18,590			16,263			34,853
Add: sustaining capital expenditures		10,103			5,181			15,284
Total all-in sustaining costs at the mine level	$	28,693		$	21,444		$	50,137
Add: reclamation and closure provision - depletion and accretion		225			199			424
Add: changes in inventories		(877	)		906			29
Add: corporate general and administrative expenses (including share-based compensation)		2,894			3,520			6,414
Add: corporate salaries and other expenses in cost of sales		1,003			1,163			2,166
Total all-in sustaining costs	$	31,938		$	27,232		$	59,170

AgEq koz sold (79.51:1)⁽¹⁾		2,515			2,490			5,005
Total cash costs per oz sold	$	7.39		$	6.53		$	6.96
All-in sustaining costs per oz sold at the mine level	$	11.41		$	8.61		$	10.02
All-in sustaining costs per oz sold	$	12.70		$	10.94		$	11.82

⁽¹⁾ For consistency with the comparative period, the AgEq ratio reported during Q1, 2023 was changed from 86.9:1 to 79.51:1, resulting in a change from 2,595 koz AgEq sold reported in Q1, 2023 to 2,490 koz AgEq sold.

⁽²⁾ Previously reported as AISC at the project level and at the corporate level for Q1, 2023 as $10.09/oz AgEq sold and $11.45/oz AgEq sold, respectively. Q1, 2023 AISC has been updated to conform to the presentation format and calculation of costs adopted in Q2, 2023. This presentation change, which reallocated site share-based compensation, corporate costs, exploration costs, reclamation and closure provision and changes in inventories from AISC at the mine level was made to better align with the format presented in the Updated Technical Report. On a go-forward basis, the Company plans to only report corporate level AISC.

15. INTERNAL CONTROL OVER FINANCIAL REPORTING

Management is responsible for establishing and maintaining adequate internal control over financial reporting to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with IFRS. The design of any system of controls and procedures is based in part upon certain assumptions about the likelihood of future events. Therefore, even those systems determined effective can provide only reasonable, not absolute, assurance that the objectives of the control system are met.

There have been no significant changes in the Company's internal control over financial reporting during the six months ended June 30, 2023, that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.

EX-99.3 4 exhibit99-3.htm EXHIBIT 99.3 SilverCrest Metals Inc.: Exhibit 99.3 - Filed by newsfilecorp.com

Form 52-109F2

Certification of Interim Filings

Full Certificate

I, N. Eric Fier, Chief Executive Officer of SilverCrest Metals Inc., certify the following:

1. Review: I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of SilverCrest Metals Inc. (the "issuer") for the interim period ended June 30, 2023.

2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. Responsibility: The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings, for the issuer.

5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1 Control framework: The control framework the issuer's other certifying officer and I used to design the issuer's ICFR is the Internal Control - Integrated Framework (2013) (COSO Framework) published by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2 ICFR - material weakness relating to design: N/A

5.3 Limitation on scope of design: N/A

6. Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on April 1, 2023 and ended on June 30, 2023 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

Date: August 9, 2023

"N. Eric Fier"

_______________________

N. Eric Fier

Chief Executive Officer

EX-99.4 5 exhibit99-4.htm EXHIBIT 99.4 SilverCrest Metals Inc.: Exhibit 99.4 - Filed by newsfilecorp.com

Form 52-109F2

Certification of Interim Filings

Full Certificate

I, Anne Yong, Chief Financial Officer of SilverCrest Metals Inc., certify the following:

1. Review: I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of SilverCrest Metals Inc. (the "issuer") for the interim period ended June 30, 2023.

5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

5.2 ICFR - material weakness relating to design: N/A

5.3 Limitation on scope of design: N/A

Date: August 9, 2023

"Anne Yong"

_______________________

Anne Yong

Chief Financial Officer

EX-99.5 6 exhibit99-5.htm EXHIBIT 99.5 SilverCrest Metals Inc.: Exhibit 99.5 - Filed by newsfilecorp.com

SilverCrest Reports Second Quarter 2023 Results and Guidance for H2, 2023

TSX: SIL | NYSE American: SILV

For Immediate Release

VANCOUVER, BC - August 9, 2023 - SilverCrest Metals Inc. ("SilverCrest" or the "Company") is pleased to announce its financial and Las Chispas operational results for the second quarter of 2023 ("Q2, 2023") and guidance for the second half of 2023 (H2, 2023). All amounts herein are presented in United States Dollars ("US$"), unless otherwise stated. Certain amounts shown in this news release may not total to exact amounts due to rounding differences. Silver equivalent ("AgEq") ratio used in this news release of 79.51:1 (86.9:1 in previous quarters) is based on the results of Updated Independent Technical Report for the Las Chispas Operation (the "Updated Technical Report" or the "Report")¹, which were announced on July 31, 2023.

N. Eric Fier, CEO, commented, "Las Chispas continued to deliver strong operational performance in the quarter with an increase in recovered metal, mine operating income, and net free cash flow² from Q1, 2023. The announcement of our Updated Technical Report, subsequent to quarter end, was an important milestone for the Company and confirms the high-quality nature of the Las Chispas Operation with lowest quartile mine level AISC over an eight-year mine life. The results from Q2, 2023 confirm the quality of the operation with $7.6 million cash and $3.6 million bullion added to the balance sheet after repaying the remaining $25.0 million of debt and investing $10.1 million in sustaining capital. With this work now behind us, our debt fully repaid, a healthy balance sheet, and strong margins and free cash flow expected from the operation, we are well positioned to focus on growth at Las Chispas and pursue capital allocation opportunities. We are already executing our recently announced $10.0 million exploration program to focus on high-grade reserve replacement opportunities and will soon return to drilling new or under drilled targets in proximity to the mine. We are also pleased to issue formal guidance for H2, 2023."

Q2, 2023 Financial Highlights

● Sold a total of 13,400 ounces ("oz") of gold and 1.45 million oz of silver at average realized prices² of $1,991 per oz gold and $24.36 per oz silver.

● Revenue of $62.0 million and cost of sales of $23.7 million, resulting in mine operating income of $38.3 million, which represents a 62% operating margin.

● Income of $23.7 million or $0.16 per share, inclusive of an $8.6 million ($0.06 per share) unrealized foreign currency loss.

● Net free cash flow³ of $43.7 million or $0.30 per share, supported by the net receipt of value added taxes and deferral of accounts payable and taxes.

● Increased cash balance by $7.6 million and bullion holdings by $3.6 million during the quarter, after, sustaining capital at Las Chispas of $10.1 million and retiring $25.0 million of debt.

● Cash flow from operating activities before changes in non-cash working capital items of $47.5 million or $0.32 per share.

● Cash costs ² of $7.39 per oz silver equivalent ³ ("AgEq") sold and all-in sustaining cost ("AISC")² of $12.70 per oz AgEq sold based on accelerated spend towards exploration and for sustaining capital to create operational flexibility.

Q2, 2023 Operating Highlights

³ Silver equivalent ("AgEq") ratio used in this news release of 79.51:1 was calculated using metal prices of $1,650 per ounce for gold and $21 per ounce for silver and based on the Report NR.

● Underground production mining rates averaged 818 tonnes per day ("tpd") during Q2, 2023, an increase of 16% compared to Q1, 2023 (707 tpd) and ahead of H1, 2023 expectations of 650 to 700 tpd. The Q2, 2023 rate aligns with Report expectations.

● Daily processing plant throughput averaged 1,186 tpd, a slight increase from Q1, 2023 rate of 1,160 tpd. Processed grades increased from Q1, 2023, averaging 4.84 grams per tonne ("gpt") gold (Q1, 2023 - 4.06 gpt) and 449 gpt silver (Q1, 2023 - 419 gpt).

● Metallurgical recoveries improved over Q1, 2023 with an average gold recovery of 98.4% (Q1, 2023 - 97.5%) and average silver recovery of 97.9% (Q1, 2023 - 91.9%).

Q2, 2023 Financial and Operational Highlights

	Unit	Q2, 2023	Q1, 2023	H1, 2023
Revenue	$ millions	62.0	58.0	120.0
Cost of sales	$ millions	(23.7)	(22.4)	(46.1)
Mine operating income	$ millions	38.3	35.6	73.9
Income for the period	$ millions	23.7	27.2	50.9
Income per share - basic	$/share	0.16	0.18	0.35
Net free cash flow ⁽¹⁾⁽⁵⁾	$ millions	43.7	21.8	65.5
Cash costs ⁽¹⁾⁽⁵⁾	$/oz AgEq sold	7.39	6.53	6.96
AISC ⁽¹⁾⁽⁵⁾	$/oz AgEq sold	12.70	10.94	11.82
	Unit	June 30, 2023	March 31, 2023
Cash and cash equivalents	$ millions	53.4	45.8
Bullion	$ millions	5.6	2.0
Treasury assets⁽¹⁾	$ millions	59.0	47.8
Credit Facility Debt	$ millions	-	(25.0)
Net cash	$ millions	53.4	21.0
	Unit	Q2, 2023	Q1, 2023	H1, 2023
Ore mined	tonnes	74,400	63,600	138,000
Ore milled ⁽²⁾	tonnes	107,900	104,400	212,300
Average daily mill throughput	tpd	1,186	1,160	1,173

Gold (Au)
Average processed grade	gpt	4.84	4.06	4.46
Process Recovery	%	98.4	97.5	98.0
Recovered	oz	16,500	13,300	29,800
Sold	oz	13,400	14,200	27,600
Average realized price	$/oz	1,991	1,879	1,933

Silver (Ag)
Average processed grade	gpt	449	419	434
Process Recovery	%	97.9	91.9	95.1
Recovered	million oz	1.53	1.29	2.82
Sold	million oz	1.45	1.36	2.81
Average realized price	$/oz	24.36	23.00	23.70

Silver equivalent (AgEq) ⁽³⁾
Recovered	million oz	2.84	2.35	5.19

(1) Non-IFRS measures. Please refer to the "NON-IFRS FINANCIAL MEASURES" section of this news release for additional information.

(2) Ore milled includes material from stockpiles and ore mined.

(3) Silver equivalent ("AgEq") ratio used in this news release of 79.51:1 was calculated using metal prices of $1,650 per ounce for gold and $21 per ounce for silver and based on the Report. For consistency with the comparative period, the AgEq ratio reported during Q1, 2023 was changed from 86.9:1 to 79.51:1, resulting in a change from 2.45 million oz AgEq to 2.35 million oz AgEq recovered and a change from 2.6 million AgEq oz sold to 2.5 million AgEq oz sold.

(4) As Q1, 2023 was the first full quarter of production at Las Chispas, there is no 2022 quarter end financial and operational information available for comparison.

(5) Comparative figures for Q1, 2023 have been updated to conform to the presentation format and calculation of costs adopted in Q2, 2023. This change was made to better align cash costs and AISC at the mine level with the format presented in the Updated Technical Report.

Guidance Highlights

SilverCrest has set its H2, 2023 and 2023 guidance as follows:

Guidance Metric	Unit	H2, 2023	2023
AgEq Ounces	million oz sold	4.8 to 5.2	9.8 to 10.2
Cash Costs	$/oz AgEq sold	7.00 to 8.50	7.50 to 8.50
AISC - Mine Level	$/oz AgEq sold	11.75 to 13.50	10.75 to 11.75
AISC	$/oz AgEq sold	13.75 to 15.50	12.75 to 13.75

Notes:

1. All costs based on Mexico Peso to US dollar exchange ratio of 20:1. During Q2, 2023 the Mexican peso to US dollar exchange ratio averaged 17.7:1.

3. AISC is based on World Gold Council definition, includes corporate level costs of $2.00 per AgEq for 2023.

4. The AgEq in the table above used Ag:Au ratio of 79.51:1. If an Ag:Au ratio of 86.9:1 was applied to the table above, then AISC per AgEq ounce guidance would be reduced by $0.50 per AgEq ounce.

Underground

Processing Plant

An estimated 16,500 oz of gold and 1.53 million oz of silver, or 2.84 million silver equivalent oz were recovered in the quarter.

As outlined in the Report, the Company continues to benefit from strategic stockpiles used to supplement processing plant feed as the mine is gradually developed, and tonnage ramped-up.

Financial Position

The Company continued to strengthen its liquidity during Q2, 2023. With cash flow generated from its Las Chispas Operation during the quarter, the Company continued to build its treasury assets balance while extinguishing its debt balance and increasing capital expenditure, especially in underground development. As of June 30, 2023, the Company had a treasury assets balance of $59.0 million, consisting of $53.4 million in cash and $5.6 million of bullion purchases held at current market value; debt of $nil; and an available, undrawn revolving facility of $70.0 million. When compared to the previous quarter, treasury assets balance increased by $11.3 million and debt balance has decreased by $25.0 million.

Revenue

Costs

In the second quarter, total cost of sales was $23.7 million (Q1, 2023 - $22.4 million). Cost of sales increased by 6% over Q1, 2023 primarily due to the increase in silver equivalent ounces sold.

Income

Income for Q2, 2023 was $23.7 million compared to net income of $27.2 million in Q1, 2023. The decrease in income was primarily due to an unrealized foreign exchange loss of $8.6 million resulting from the relative appreciation of the Mexican Peso against the US dollar which impacted the translation of intercompany balances between the parent entity and its subsidiaries. This was offset by a $2.7 million increase in mine operating income and a $1.8 million decrease in income tax expense as a result of less deferred income tax recorded during the quarter. Other variances included a $0.9 million decrease in share-based compensation due to a recovery recorded upon the finalization of vesting criteria of performance share units and a $0.7 million decrease in interest and finance expense due to the early repayment of the term credit facility.

Capital Expenditure

ESG

On June 14, 2023 SilverCrest delivered its inaugural ESG report for the year ended 2022, which is available on the Company's website.

Consolidated Financial Statements

This press release should be read in conjunction with SilverCrest's unaudited interim consolidated financial statements and management's discussion and analysis for the six months ended June 30, 2023 which are available on the Company's website at www.silvercrestmetals.com, and under the Company's profiles on SEDAR+ (www.sedarplus.com) and EDGAR (www.sec.gov).

Second Quarter 2023 Conference Call

A conference call to discuss the Company's Q2, 2023 financial results will be held tomorrow, Thursday August 10, 2023 at 8:00 a.m. PT / 11:00 a.m. ET. To participate in the conference call, please dial the numbers below.

Date & Time: Thursday August 10, 2023 at 11:00 a.m. ET / 8:00 a.m. PT

Telephone: Toronto: +1-416-764-8646

North America Toll Free: 1-888-396-8049

Conference ID: 44514275

Webcast: https://silvercrestmetals.com/investors/presentations/

Qualified Persons Statement

The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is N. Eric Fier, CPG, P.Eng, and CEO for SilverCrest, who has reviewed and approved its contents.

ABOUT SILVERCREST METALS INC.

SilverCrest is a Canadian precious metals producer headquartered in Vancouver, BC, with an ongoing initiative to increase its asset base by expanding current resources and reserves, acquiring, discovering and developing high value precious metals projects and ultimately operating multiple silver-gold mines in the Americas. The Company's principal focus is its Las Chispas Operation in Sonora, Mexico. The Company is led by a proven management team in all aspects of the precious metal mining sector, including taking projects through discovery, finance, on time and on budget construction, and production.

FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking statements" and "forward-looking information" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation. These include, without limitation, statements with respect to: the amount of future production of gold and silver over any period, the strategic plans and expectations for the Company's operation and exploration program, expected recoveries, and expected cash costs and outflows. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: present and future business strategies, continued commercial operations at the Las Chispas Operation, the environment in which the Company will operate in the future, including the price of gold and silver, estimates of capital and operating costs, production estimates, estimates of Mineral Resources and Mineral Resources and metallurgical recoveries and mining operational risk; the reliability of Mineral Resource and Mineral Reserve Estimates, mining and development costs, the conditions in general economic and financial markets; availability of skilled labour; timing and amount of expenditures related to exploration programs; and effects of regulation by governmental agencies and changes in Mexican mining legislation. The actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors including: the timing and content of work programs; results of exploration activities; the interpretation of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project cost overruns or unanticipated costs and expenses; fluctuations in gold and silver prices and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

N. Eric Fier, CPG, P.Eng

Chief Executive Officer

SilverCrest Metals Inc.

For Further Information:

SilverCrest Metals Inc.

Contact: Lindsay Bahadir, Manager Investor Relations and Corporate Communications

Telephone: +1 (604) 694-1730

Fax: +1 (604) 357-1313

Toll Free: 1-866-691-1730 (Canada & USA)

Email: info@silvercrestmetals.com

Website: www.silvercrestmetals.com

570 Granville Street, Suite 501

Vancouver, British Columbia V6C 3P1

NON-IFRS FINANCIAL MEASURES

SilverCrest uses certain non-IFRS performance measures in this news release. Non-IFRS financial measures do not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, management and certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

Non-IFRS financial measures - Average realized gold and silver price

			Q2, 2032			Q1, 2023			H1, 2023
($ 000's, except per ounce amounts)
Revenues from financial statements		$	61,999		$	57,983		$	119,982
Ag sales			(35,319	)		(31,307	)		(66,626	)
Au sales	A		26,680			26,676			53,356
Au oz sold during the period	B		13,400			14,200			27,600
Average realized Au price per oz sold	A/B	$	1,991		$	1,879		$	1,933

Revenues from financial statements			61,999			57,983			119,982
Au sales			(26,680	)		(26,676	)		(53,356	)
Ag sales	A		35,319			31,307			66,626
Ag oz sold during the period	B		1,450,000			1,361,000			2,811,000
Average realized Ag price per oz sold	A/B	$	24.36		$	23.00		$	23.70

Non-IFRS financial measure - Net free cash flow

Net free cash flow		Q2, 2023		Q1, 2023		H1, 2023
		$ 000's		$ 000's		$ 000's
Cash flow from operating activities		53,808		26,973		80,781
Sustaining capital expenditures		(10,103	)	(5,181	)	(15,284	)
Net free cash flow at mine level	A	43,705		21,792		65,497
Weighted average shares outstanding - basic	B	147,231		147,200		147,216
Net free cash flow - basic per share	A/B	0.30		0.15		0.44

Sustaining capital expenditures ($ 000's)		Q2, 2023		Q1, 2023⁽¹	⁾	H1, 2023
Expenditures on mineral property, plant, and equipment		(12,919	)	(7,930	)	(20,849	)
Payment of lease liabilities		(28	)	(43	)	(71	)
Non-sustaining and growth capital activities		2,844		2,792		5,636
Sustaining capital expenditures		(10,103	)	(5,181	)	(15,284	)

Non-IFRS financial measure - Net cash

Net Cash	June 30, 2023	March 31, 2023
	$ 000's	$ 000's
Cash and cash equivalents	53,413	45,765
Debt	-	(24,811	)
Net cash	53,413	20,954

Non-IFRS financial measure - Treasury assets

Treasury assets	June 30, 2023 $ 000's	March 31, 2023 $ 000's
Cash and cash equivalents	53,413	45,765
Bullion	5,634	1,985
Treasury Assets	59,047	47,750

Non-IFRS financial measure - Cash costs and cash costs per silver equivalent ounce sold

Cash costs per silver equivalent ounce sold is calculated by dividing cash costs by the silver equivalent ounces sold.

Non-IFRS financial measure - AISC and AISC per silver equivalent ounce sold

($ 000's, except per ounce amounts)		Q2, 2023			Q1, 2023⁽²⁾			H1, 2023
Cost of sales from financial statements	$	23,706		$	22,377		$	46,083
Less: depreciation and depletion		(4,990	)		(4,045	)		(9,035	)
Less: changes in inventories		877			(906	)		(29	)
Less: corporate salaries and other expenses in cost of sales		(1,003	)		(1,163	)		(2,166	)
Total cash costs		18,590			16,263			34,853
Add: sustaining capital expenditures		10,103			5,181			15,284
Total all-in sustaining costs at the mine level	$	28,693		$	21,444		$	50,137
Add: reclamation and closure provision - depletion and accretion		225			199			424
Add: changes in inventories		(877	)		906			29
Add: corporate general and administrative expenses (including share-based compensation)		2,894			3,520			6,414
Add: corporate salaries and other expenses in cost of sales		1,003			1,163			2,166
Total all-in sustaining costs	$	31,938		$	27,232		$	59,170

AgEq koz sold (79.51:1)⁽¹⁾		2,515			2,490			5,005
Total cash costs per oz sold	$	7.39		$	6.53		$	6.96
All-in sustaining costs per oz sold at the mine level	$	11.41		$	8.61		$	10.02
All-in sustaining costs per oz sold	$	12.70		$	10.94		$	11.82

EX-99.6 7 exhibit99-6.htm EXHIBIT 99.6 SilverCrest Metals Inc.: Exhibit 99.6 - Filed by newsfilecorp.com

SilverCrest Announces Normal Course Issuer Bid

TSX: SIL | NYSE American: SILV

For Immediate Release

VANCOUVER, BC - August 9, 2023 - SilverCrest Metals Inc. ("SilverCrest" or the "Company") is pleased to announce that it has filed with and received acceptance from the Toronto Stock Exchange (the "TSX") for a Notice of Intention to make a Normal Course Issuer Bid ("NCIB") pursuant to TSX requirements permitting the Company to purchase up to 7,361,563 common shares of the Company ("Common Shares"), representing approximately 5% of SilverCrest's total issued and outstanding Common Shares. As of August 9, 2023 SilverCrest had 147,231,264 issued and outstanding Common Shares.

Chris Ritchie, President of the Company commented, "With the release of the results from the updated technical report and continued strong operational performance showcased in Q2, 2023, we are excited to once again focus on growing the value of our company. We want to use the flexibility and choices that our balance sheet and low-cost profile provide to run a better business. This includes buying back our own stock given the quality and reduced risk profile of our own asset. We believe that the market price of our Common Shares does not always reflect the underlying fundamental value, future growth prospects and the replacement cost for similar projects. We acknowledge the support received by our shareholders in raising equity at higher prices than where the stock is trading today in order to develop the Las Chispas Operation. We now want to return this support by buying back shares below those levels while investing in a scarce, high-quality asset."

SilverCrest may purchase Common Shares under the NCIB over a 12-month period beginning on August 14, 2023 and ending on August 13, 2024. Any purchases made under the NCIB will be effected through the facilities of the TSX and/or alternative Canadian trading systems and will be made at market price at the time of purchase and in accordance with the rules of the TSX and applicable Canadian securities laws. SilverCrest will fund the purchases of Common Shares from cash on hand. The exact timing and amount of any purchases will depend on market conditions and other factors. SilverCrest is not obligated to acquire any Common Shares and may suspend or discontinue purchases under the NCIB at any time. Any Common Shares purchased by SilverCrest under the NCIB will be cancelled upon their purchase.

Under the NCIB, the Company may purchase up to 80,376 Common Shares on the TSX during any trading day, such number being 25% of 321,507 Common Shares, which is the average daily trading volume on the TSX for the most recently completed six calendar months prior to the TSX's acceptance of the notice of the NCIB. This maximum daily limit will apply to purchases on the TSX, except where such purchases are made in accordance with "block purchases" exemptions under applicable TSX policies.

To the knowledge of the Company, no director, officer or other insider of SilverCrest currently intends to sell any Common Shares at the inception of the NCIB, but such directors, officers, or other insiders of the Company may sell their securities during the course of the NCIB, as their personal circumstances may require. If, during the course of the NCIB, SilverCrest becomes aware that directors, officers or other insiders intend to sell their securities, then the Company will not intentionally acquire such securities pursuant to the NCIB. The Company has not made any purchases of its Common Shares during the past twelve months.

ABOUT SILVERCREST METALS INC.

FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking statements" and "forward-looking information" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation. These include, without limitation, statements with respect to: timing and amount of Common Shares to be purchased under the NCIB program. Such forward looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: present and future business strategies; continued commercial operations at the Las Chispas Operation; working capital requirements; the environment in which the Company will operate in the future, including the price of gold and silver; estimates of capital and operating costs; production estimates; estimates of mineral resources and metallurgical recoveries and mining operational risk; the reliability of mineralization estimates; mining and development costs; the conditions in general economic and financial markets; availability of skilled labour; timing and amount of expenditures related to exploration programs; and effects of regulation by governmental agencies. The actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors including: the timing and content of work programs; results of exploration activities; the interpretation of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project cost overruns or unanticipated costs and expenses; fluctuations in gold and silver prices, the unpredictability and fluctuation in the trading price of the Company's Common Shares and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

N. Eric Fier, CPG, P.Eng

Chief Executive Officer

SilverCrest Metals Inc.

For Further Information:

SilverCrest Metals Inc.

Contact: Lindsay Bahadir, Manager Investor Relations and Corporate Communications

Telephone: +1 (604) 694-1730

Fax: +1 (604) 357-1313

Toll Free: 1-866-691-1730 (Canada & USA)

Email: info@silvercrestmetals.com

Website: www.silvercrestmetals.com

570 Granville Street, Suite 501

Vancouver, British Columbia V6C 3P1

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