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SILVER MOUNTAIN LETTER TO SHAREHOLDERS: 2024 ACHIEVEMENTS AND 2025 GOALS FOR RELIQUIAS MINE PRODUCTION

In This Article:

TORONTO, Jan. 21, 2025 /CNW/ - Silver Mountain Resources Inc. ("Silver Mountain" or the "Company") (TSXV: AGMR) (OTCQB: AGMRF) is pleased to share an update with its valued shareholders regarding our planned activities for 2025, alongside a review of our significant achievements from 2024.

Silver Mountain Resources Inc. (CNW Group/Silver Mountain Resources Inc.)
Silver Mountain Resources Inc. (CNW Group/Silver Mountain Resources Inc.)

Dear Shareholders and Stakeholders,

We are excited to reflect on our notable progress over the past year and outline the exciting plans for Silver Mountain in 2025. Our unwavering mission—to establish Silver Mountain as a leading entity in the mining sector—remains the driving force behind our efforts. As we embark on a transformative 2025, we are leveraging the strong foundation laid in 2024 to advance our projects, prioritize sustainability, and create lasting value for all of our stakeholders. Your trust and support has been invaluable in our journey, and we sincerely appreciate your partnership.

Looking to the future, we are optimistic about our growth prospects. Through strategic investments and focused execution, we aim to reach significant operational milestones that will position Silver Mountain as a premier silver producer in the industry. Our commitment to providing robust returns for our shareholders is matched only by our dedication to safety, environmental stewardship, and community engagement.

Highlights of Our Achievements in 2024:

  • Zero-Accident Safety: We maintained a flawless safety record throughout 2024, reflecting our unwavering dedication to the health and well-being of our workforce.

  • Resource and Technical Reports Published: We completed an updated mineral resource estimate ("MRE") and finalized a positive Preliminary Economic Assessment ("PEA") highlighting a Pre-Tax Net Present Value (NPV) at a 5% discount rate of C$107 million and a Pre-Tax Internal Rate of Return (IRR) of 57%. Post-tax figures show a Net Present Value of C$85 million and an Internal Rate of Return of 51% at a 5% discount rate, providing a robust framework for our next development phase.1

  • Ongoing Mining Operations Certification: We received the ongoing mining operations certification for the Reliquias Mine which enables the Company to restart production and processing operations with no additional governmental approvals. This critical milestone classifies the Reliquias Mine and Caudalosa Plant as ongoing mining operations.

  • Mining Closure Plan Approval Secured: We successfully obtained mine closure plan approval, avoiding the first-year bank guarantee payment, resulting in substantial financial savings and showcasing our efficiency in managing regulatory processes.

  • Extended Environmental Certification: Our environmental certification (ITS) has been extended until June 2034, solidifying our commitment to long-term operational compliance and environmental stewardship.

  • Complete Rehabilitation: We achieved 100% rehabilitation of key areas (15 km), ensuring our readiness to initiate operations and meet essential milestones for future production.

  • Geotechnical and Survey Advances: Our team completed comprehensive geotechnical mapping and logging and developed an in-house model, along with detailed topographic surveys of the tailings facilities, stockpile areas, and the mine, facilitating optimized design and planning.

  • Strategic Mining Plans: We developed both short- and long-term plans that emphasize sustainable resource extraction and efficient production methodologies.

  • Social Stability Achieved: Through effective community engagement, we secured social peace and conducted successful elections, strengthening local partnerships and ensuring the Company's surface rights at the Reliquias Mine area for the next 20 years.

  • Strong Financial Performance: We raised approximately C$10 million in April and established a C$25 million base shelf prospectus, ensuring financial resilience and readiness for upcoming financing opportunities.