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AGMR ANNOUNCES CERTAIN DIRECTORS TO RECEIVE SHARES IN LIEU OF FEES

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/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN OR INTO THE UNITED STATES/

TORONTO, Sept. 18, 2024 /CNW/ - Silver Mountain Resources Inc. (TSXV: AGMR) (OTCQB: AGMRF) (BVL: AGMR) ("Silver Mountain" or the "Company") announces that is has entered into shares for services agreements (collectively, the "Shares for Services Agreements") with each of its directors, pursuant to which, such directors will ‎receive all or a portion of their director fees for the period from July 1, 2024, to ‎June 30, 2025 (including any accrued fees as of July 1, 2024) in class A common shares ("Common Shares") of the Company (the "Security Based Compensation"), with the remaining amount, if any, to be ‎satisfied in cash.‎

The Common Shares are expected to be issued quarterly and be subject to a four-month and one-day hold ‎period commencing ‎upon the date of issuance. Under the Shares for Services Agreements, the ‎deemed price per Common Share to be ‎issued will be the volume-weighted average closing price of the Common Shares for the last ‎five trading days of each quarter, provided that in any event the price will not be lower than the discount permitted ‎‎under applicable TSX Venture Exchange policies. The total value of the Security Based Compensation that the ‎Company intends to issue is up to $270,000. As the directors are Non-Arm's Length Parties to the Company (as that term is defined in the TSXV policies), the issuance of the Security Based Compensation is subject to the approval by the majority of the votes cast by disinterested shareholders at a meeting of shareholders of the Company, which was obtained at the Company's annual general and special meeting held on June 27, 2024.

Julio Jose Arce Ortiz, Alfredo Plenge Thorne, Timothy Loftsgard, Jose Vizquerra, W. John DeCooman Jr., Juan Carlos Ortiz and Gerardo Fernandez ‎are ‎currently directors of the Company. Each issuance of Common Shares to such directors constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - ‎Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying ‎on the exemptions from the formal valuation and minority approval requirements contained in Sections ‎‎5.5(a) and 5.7(1)(a) of MI 61-101, on the basis that the fair market value of the transaction does not ‎exceed 25% of the Company's market capitalization.

About Silver Mountain Resources Inc.

Silver Mountain is a silver explorer and mine developer planning to restart production at the Reliquias underground mine and undertake exploration activities at its prospective silver camps at the Castrovirreyna Project in Huancavelica, Peru.