Silver Mountain's First Infill Drilling Phase Supports High-Grade Silver Continuity in Reliquias' First Three Years of Production

TORONTO, Oct. 13, 2026 /CNW/ -- Silver Mountain Resources Inc. ("Silver Mountain" or the "Company") (TSX: AGMR) (OTCQB: AGMRF) (BVL: AGMR) is pleased to provide the results of the first stage of its infill drilling campaign at its 100%-owned Reliquias underground silver-polymetallic mine, located in the Castrovirreyna district of Huancavelica, central Peru.

Highlights

Figure 1: Reliquias Mine Plan Sequencing and Major Veins

Drill Hole SMR-194-26-SCS (TOMAYCALLA and SACASIPUEDES SPLAY veins)

• 0.90 m @ 1,495 g/t Ag, 0.38 g/t Au, 3.40% Zn, 1.66% Pb, 0.33% Cu and

• 0.90 m @ 996 g/t Ag, 2.51 g/t Au, 6.32% Zn, 4.13% Pb, 0.47% Cu

Drill Hole SMR-199-26-GAB (MATACABALLO OESTE vein)

• 1.00 m @ 903 g/t Ag, 0.20 g/t Au, 8.08% Zn, 6.54% Pb, 0.83% Cu

Drill Hole SMR-195-26-PZR (MATACABALLO OESTE vein)

• 0.70 m @ 759 g/t Ag, 0.25 g/t Au, 5.25% Zn, 2.78% Pb, 0.47% Cu

Drill Hole SMR-174-26-AYA (SACASIPUEDES vein)

• 2.20 m @ 285 g/t Ag, 0.17 g/t Au, 17.98% Zn, 8.21% Pb, 0.71% Cu

Drill Hole SMR-184-26-AYA (SACASIPUEDES vein)

• 1.95 m @ 5.13 g/t Au, 70 g/t Ag, 11.13% Zn, 4.65% Pb, 0.15% Cu

Drill Hole SMR-179-26-AYA (AYAYAY and MATACABALLO OESTE veins)

• 1.60 m @ 379 g/t Ag, 0.08 g/t Au, 0.54% Zn, 0.87% Pb, 0.59% Cu and
• 2.45 m @ 272 g/t Ag, 0.58 g/t Au, 2.39% Zn, 1.38% Pb, 0.12% Cu

Drill Hole SMR-186-26-AYA (AYAYAY vein)

• 1.75 m @ 316 g/t Ag, 0.25 g/t Au, 0.20% Zn, 0.09% Pb, 0.08% Cu

• Infill drilling results support the Reliquias mine plan. Reliquias' current approximately 7,000-metre infill drilling phase was designed to improve confidence in the mine plan and was focused primarily on Zones 1-3 (see Figure 1 below). These zones represent the areas scheduled to be mined in the first three years of production.
• Drilling supports high-grade continuity across multiple veins. The results of the drilling support the continuity of high-grade, silver-polymetallic veins in the portions of the deposit tested by the campaign.

Alvaro Espinoza, Chief Executive Officer of Silver Mountain, commented: "We are pleased with the results of the current phase of our infill drilling at Reliquias. With the mine now in production, these results are particularly important as they relate to the areas scheduled to be mined during the first three years of operations. This drilling phase delivered several high-grade intercepts, which we believe support the quality and continuity of the mineralization in our near-term plan. As we continue to ramp up production, we will incorporate these results into our block model and mine planning."

Table 1: Full Drilling Campaign Results

Drill Platform	Number	Hole ID	From	To	Interval	Au	Ag	Pb	Zn	Cu	Vein
		Drill hole	m	m	m	g/t	g/t	%	%	%
CAM-01	1	SMR-172-26-AYA	125.10	125.85	0.75	0.44	266.82	1.53	2.04	0.34	AYAYAY
			206.45	206.85	0.40	8.55	102.70	4.43	5.01	0.72	SORPRESA SPLAY
			208.85	210.20	1.35	0.13	217.50	2.11	4.43	0.32	SACASIPUEDES
	2	SMR-173-26-AYA	145.25	145.55	0.30	0.28	134.00	0.63	1.03	0.04	AYAYAY SPLAY
			233.10	233.55	0.45	0.22	183.20	14.54	22.58	0.66	SPLIT MATACABALLO
	3	SMR-174-26-AYA	165.75	166.25	0.50	0.05	628.00	1.99	0.70	0.84	AYAYAY
			267.65	269.85	2.20	0.17	284.91	8.21	17.98	0.71	SACASIPUEDES
	4	SMR-175-26-AYA	243.00	243.65	0.65	0.24	198.30	1.93	2.23	0.11	AYAYAY
	5	SMR-176-26-AYA	137.10	137.65	0.55	0.38	299.00	1.31	1.60	0.23	AYAYAY SPLAY
			221.30	222.05	0.75	0.08	296.00	1.08	1.84	0.12	TOMAYCALLA
			251.50	252.10	0.60	0.64	138.20	0.74	1.20	0.06	SACASIPUEDES
	6	SMR-177-26-AYA	287.20	287.65	0.45	0.10	127.50	4.82	5.03	0.27	SACASIPUEDES SPLAY
			299.80	300.35	0.55	0.13	125.30	9.38	11.84	0.63	SPLIT SACASIPUEDES
	7	SMR-178-26-AYA	195.90	198.00	2.10	0.81	244.50	0.38	0.67	0.05	SACASIPUEDES
	8	SMR-179-26-AYA	93.90	95.50	1.60	0.08	378.88	0.87	0.54	0.59	AYAYAY
			182.30	183.10	0.80	0.27	99.53	2.46	3.58	0.28	SACASIPUEDES
			212.65	215.10	2.45	0.58	271.90	1.38	2.39	0.12	MATACABALLO OESTE
	9	SMR-180-26-AYA	165.05	165.35	0.30	0.39	116.10	0.77	1.34	0.11	AYAYAY
	10	SMR-181-26-AYA	175.10	177.15	2.05	0.45	136.59	1.49	2.09	0.10	SORPRESA
	11	SMR-182-26-AYA	117.00	119.00	2.00	0.16	118.44	0.15	0.27	0.02	AYAYAY
			195.00	195.35	0.35	0.43	121.20	1.32	3.20	0.12	SORPRESA
			208.15	208.55	0.40	1.03	203.00	7.74	10.64	0.17	SACASIPUEDES
	12	SMR-183-26-AYA	126.95	127.60	0.65	0.44	78.66	0.50	0.40	0.01	AYAYAY
	13	SMR-184-26-AYA	232.50	232.75	0.25	0.15	106.40	5.02	6.00	0.65	SORPRESA SPLAY
			295.55	297.50	1.95	5.13	70.26	4.65	11.13	0.15	SACASIPUEDES
CAM-02	14	SMR-185-26-AYA	228.30	228.60	0.30	0.25	356.00	3.24	10.99	0.27	AYAYAY
	15	SMR-186-26-AYA	247.25	249.00	1.75	0.25	316.34	0.09	0.20	0.08	AYAYAY
	16	SMR-187-26-AYA	216.55	217.45	0.90	0.03	15.40	0.35	0.58	0.06	AYAYAY SPLAY
			261.90	262.40	0.50	0.10	29.10	0.26	0.60	0.12	AYAYAY
CAM-03	17	SMR-188-26-SCS	74.00	74.35	0.35	0.07	243.00	2.82	4.36	0.30	TOMAYCALLA
	18	SMR-189-26-SCS	45.70	46.50	0.80	0.19	103.80	0.93	1.27	0.18	SACASIPUEDES
	19	SMR-190-26-SCS	57.80	58.45	0.65	0.20	485.00	3.28	5.70	0.67	SACASIPUEDES
			121.80	123.10	1.30	0.04	258.15	0.95	1.64	0.37	AYAYAY
			144.30	144.55	0.25	0.99	341.00	4.40	3.17	0.15	AYAYAY SPLAY
	20	SMR-191-26-SCS	11.20	11.60	0.40	0.19	159.80	4.43	4.94	0.62	SPLIT SACASIPUEDES
			37.15	37.45	0.30	0.40	122.50	6.55	11.46	1.13	SACASIPUEDES
			75.30	75.80	0.50	0.21	198.60	1.98	4.28	0.15	TOMAYCALLA SPLAY
			94.45	94.90	0.45	0.35	541.00	1.22	2.72	0.62	AYAYAY
	21	SMR-192-26-SCS	40.75	41.95	1.20	0.24	137.50	2.70	3.94	0.17	SACASIPUEDES
	22	SMR-193-26-SCS	39.45	39.75	0.30	0.57	111.30	2.33	5.21	0.13	SACASIPUEDES
	23	SMR-194-26-SCS	48.30	49.20	0.90	2.51	996.22	4.13	6.32	0.47	SACASIPUEDES SPLAY
			61.85	62.70	0.85	0.59	273.00	0.51	1.01	0.05	SACASIPUEDES
			96.55	97.45	0.90	0.38	1,495.00	1.66	3.40	0.33	TOMAYCALLA
	24	SMR-195-26-PZR	57.00	57.70	0.70	0.25	759.00	2.78	5.25	0.47	MATACABALLO OESTE
			62.00	62.30	0.30	0.92	142.10	0.07	0.09	0.01	MATACABALLO OESTE SPLAY
	25	SMR-196-26-GAB	11.55	11.85	0.30	0.17	114.40	1.66	3.00	0.19	SPLIT SACASIPUEDES
			37.60	38.10	0.50	0.19	213.00	2.40	3.68	0.24	SACASIPUEDES
	26	SMR-197-26-GAB	47.25	51.50	4.25	1.12	280.05	0.42	0.62	0.06	MATACABALLO OESTE
			54.80	55.10	0.30	2.08	359.00	0.60	1.74	0.13	MATACABALLO OESTE SPLAY
	27	SMR-198-26-GAB	54.85	55.20	0.35	0.14	41.70	1.84	2.64	0.09	MATACABALLO OESTE
			55.60	55.90	0.30	0.15	167.40	0.31	0.46	0.06	MATACABALLO OESTE SPLAY
	28	SMR-199-26-GAB	80.00	81.00	1.00	0.20	903.00	6.54	8.08	0.83	MATACABALLO OESTE
CAM-02	29	SMR-200-26-AYA	224.00	224.35	0.35	0.07	647.00	17.76	1.82	0.36	AYAYAY
	30	SMR-201-26-AYA	235.40	236.20	0.80	0.04	13.70	0.06	0.27	0.01	AYAYAY

Notes: (1) Intervals are reported as drilled core lengths; true widths are not known at this time. (2) Collar locations, azimuths, dips and final depths for the drill holes reported in this news release are set out in Table 2.

Table 2: Drill Hole Collar Information

Drill Hole	XCollar	YCollar	ZCollar	Azimuth	Dip	Final Depth
SMR-172-26-AYA	473,928	8,539,703	4,470	220	-40	275.0
SMR-173-26-AYA	473,928	8,539,702	4,470	189	-44	266.0
SMR-174-26-AYA	473,928	8,539,705	4,471	250	-40	284.1
SMR-175-26-AYA	473,928	8,539,705	4,471	261	-45	362.1
SMR-176-26-AYA	473,927	8,539,705	4,471	259	-20	400.2
SMR-177-26-AYA	473,928	8,539,705	4,470	243	-50	434.6
SMR-178-26-AYA	473,924	8,539,704	4,471	243	-10	206.0
SMR-179-26-AYA	473,927	8,539,701	4,470	215	-19	226.9
SMR-180-26-AYA	473,929	8,539,704	4,470	215	-55	338.4
SMR-181-26-AYA	473,933	8,539,703	4,471	205	-13	265.0
SMR-182-26-AYA	473,929	8,539,702	4,470	195	-33	240.6
SMR-183-26-AYA	473,932	8,539,703	4,472	175	-19	225.4
SMR-184-26-AYA	473,932	8,539,703	4,471	176	-45	318.7
SMR-185-26-AYA	474,171	8,539,716	4,455	184	10	252.7
SMR-186-26-AYA	474,171	8,539,717	4,455	187	23	269.4
SMR-187-26-AYA	474,172	8,539,717	4,455	165	10	282.4
SMR-188-26-SCS	473,730	8,539,600	4,376	354	12	149.8
SMR-189-26-SCS	473,730	8,539,599	4,378	359	45	131.8
SMR-190-26-SCS	473,730	8,539,599	4,375	353	-40	160.7
SMR-191-26-SCS	473,731	8,539,599	4,375	38	-5	117.3
SMR-192-26-SCS	473,731	8,539,599	4,377	41	40	159.1
SMR-193-26-SCS	473,732	8,539,598	4,375	64	-6	164.6
SMR-194-26-SCS	473,730	8,539,599	4,376	338	29	140.0
SMR-195-26-PZR	473,726	8,539,595	4,375	225	-20	261.4
SMR-196-26-GAB	473,729	8,539,600	4,376	13	20	69.2
SMR-197-26-GAB	473,727	8,539,594	4,375	205	0	89.7
SMR-198-26-GAB	473,728	8,539,593	4,377	179	20	65.9
SMR-199-26-GAB	473,727	8,539,595	4,375	243	0	105.9
SMR-200-26-AYA	474,167	8,539,719	4,455	207	6	242.6
SMR-201-26-AYA	474,167	8,539,719	4,455	207	20	254.8

About Silver Mountain Resources Inc.

Silver Mountain Resources Inc. is a Canadian mining company operating and advancing silver-polymetallic projects in Peru. The Company's principal asset is the Reliquias Mine, an underground silver-polymetallic mine in the Castrovirreyna district of Huancavelica, which has commenced production in Q3 2026. Silver Mountain is committed to creating long-term value for its shareholders through responsible mining, strong community engagement, and sustainable development practices.

The scientific and technical information in this news release relating to the Reliquias Mine is supported by the technical report entitled "Amended and Restated NI 43-101 Technical Report: Preliminary Economic Assessment, Reliquias Mine" dated October 28, 2024 (with an effective date of May 15, 2024), prepared for the Company by Steven L. Park, Antonio Cruz Bermudez and Gerardo Acuña (the "Reliquias PEA"). Reference should be made to the full text of the Reliquias PEA, which is available on SEDAR+ (www.sedarplus.ca) under Silver Mountain's issuer profile, for the assumptions, qualifications and limitations relating thereto.

Qualified Person

The scientific and technical content in this news release has been reviewed and approved by Antonio Cruz Bermudez, P. Geo. and Registered Member FAIG, and Gerardo Acuña, P. Eng. and Registered Member FAusIMM CP (Mining), each of whom is a "qualified person" (as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects) and independent of the Company for purposes of Section 1.5 of National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Cruz Bermudez has verified the data disclosed in this news release, including the sampling, analytical and test data underlying the drilling results, by reviewing assay certificates, QA/QC results and drill logs. There were no limitations on the verification process.

Production Decision Not Based on a Pre-Feasibility Study or Feasibility Study

The Company's production decision at Reliquias is not based on a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, the Reliquias project does not have defined mineral reserves, and there is a higher degree of uncertainty and risk of economic or technical failure associated with the production decision than would be the case if the decision were supported by a feasibility study.

References in this news release to the Reliquias mine plan, production sequencing and the areas scheduled to be mined are derived from the Reliquias PEA (as defined below) and internal management estimates and have been reviewed and approved by the Company's qualified person. Investors are cautioned that the Reliquias PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the results of the Reliquias PEA will be realized.

Scientific and Technical Disclosure

Sampling, QA/QC and Analytical Procedures

Drill core of HQ diameter was logged and sampled by Silver Mountain geologists at the Reliquias core storage facility. Sample intervals were selected based on geological contacts and do not exceed 4.25 metres in length. Core was cut in half using a diamond saw, with one half retained for reference and the other half bagged, sealed with a plastic zip tie and identified with a unique sample number pending shipment. Samples were sent by batch to the Bureau Veritas laboratory in Lima, Peru for preparation and assaying. Silver Mountain independently inserts certified control standards, fine and coarse blanks, and duplicates into the sample stream to monitor data quality, and these are inserted "blindly" to the laboratory in the sample sequence prior to departure from the core storage facilities. At the laboratory, samples are dried, crushed and pulverized and then analyzed using a fire assay-AA finish for gold and a full multi-acid digestion with ICP-AES analysis for other elements. Samples with results that exceed maximum detection values for the main elements of interest (Ag, Zn, Pb, Cu) are re-analyzed using ore-grade ICP analytical techniques, while high gold values are re-analyzed by fire assay with a gravimetric finish. No material QA/QC issues were identified in respect of the results reported in this news release.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). Forward-looking statements are not guarantees of future performance and, by their nature, require Silver Mountain to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Words such as "may", "will", "would", "could", "expect", "believe", "plan", "anticipate", "intend", "estimate", "continue", "objective", "strategy", "target", "potential", "positioned", "on track", and similar expressions, including the negative or grammatical variations thereof, are intended to identify forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements pertaining to: (i) the expected impact of the infill drilling results on the Reliquias block model, mine plan and production sequencing, including in respect of the areas scheduled to be mined during the first three years of production; (ii) the grade, continuity and quality of mineralization in Zones 1-3 of the Reliquias mine plan; (iii) the Company's expectations regarding the ramp-up of production at the Reliquias Mine; (iv) the assumptions, qualifications and limitations in the Reliquias PEA; and (v) the Company's broader strategy to develop and expand its silver-polymetallic operations in central Peru.

The forward-looking statements in this news release are based on certain assumptions, including, but not limited to: the accuracy of assay results and the reliability of the Company's sampling and QA/QC procedures; the accuracy of the Company's geological interpretation and block model; the Company's ability to maintain consistent production rates and achieve the planned throughput ramp-up at the Reliquias Mine; the continued mechanical and operational performance of the processing plant; the stability of silver and other metal prices at levels that support economic production; the availability of skilled labour, equipment, and supplies; favourable operating conditions; the absence of material delays or disruptions; the Company's continued compliance with all applicable regulatory requirements; and favourable political, regulatory, and economic conditions in Peru.

Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond Silver Mountain's control, that could cause actual results and events to differ materially from those expressed in or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to: the risk that the production decision at Reliquias is not based on a feasibility study of mineral reserves and therefore involves a higher degree of uncertainty and risk of economic or technical failure; the risk that infill drilling results may not be representative of the grade, thickness or continuity of mineralization that is ultimately mined; the risk that actual production levels may differ from estimated amounts; the risk that the throughput ramp-up may be delayed or may not achieve anticipated rates; fluctuations in commodity prices, including silver, gold, lead, zinc and copper prices; risks related to mineral resource estimates and the absence of mineral reserves; risks related to the Company's ability to obtain and maintain necessary permits and licences; operational risks inherent in mining activities; risks related to operating in Peru, including political, regulatory, and economic uncertainties; general economic, market, and business conditions; and other factors identified in the Company's continuous disclosure record filed on SEDAR+ (www.sedarplus.ca) under Silver Mountain's issuer profile, including under the headings (i) "Caution Regarding Forward-Looking Statements" and "Risk Factors" in the Annual Information Form of the Company dated April 30, 2026 for the year ended December 31, 2025; and (ii) "Risk Factors" in the amended and restated short form base shelf prospectus of the Company dated May 8, 2026. Silver Mountain disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law. New factors emerge from time to time, and it is not possible for Silver Mountain to predict all such factors or to assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

SOURCE Silver Mountain Resources Inc.

For more information, please visit our website at agmr.ca or contact: Alvaro Espinoza, Chief Executive Officer, Silver Mountain Resources Inc., [email protected]