Silver Mountain prepares to restart ops at Reliquias

Executive Summary

• Silver Mountain Resources has begun preparatory work to restart the Reliquias underground silver project in Peru, targeting completion of these activities by Q3 2026.
• The company recently closed a public equity financing that raised approximately $25 million in gross proceeds, providing funding for the restart.
• A long‑term land‑use agreement with the local community has been signed, reducing execution risk and supporting the project’s social license to operate.

Key Details

• Financing: Completed a public equity financing raising ~$25 million in aggregate gross proceeds (details of price per share, warrant terms, etc., not disclosed).
• Land‑use Agreement: Signed a long‑term land‑use agreement with the Comunidad Campesina de Salcca Santa Ana following successful social consultation.
• Preparatory Activities (to be finished by end of Q3 2026):
• Initiation of mine development works.
• Major maintenance of the processing plant.
• Maintenance of the tailings facility.
• Operational Progress:
• Mining contractor appointed and mobilized.
• Infrastructure upgrades underway.
• Hiring ramp‑up in progress.
• Project Outlook: Updates on project progress will be provided in Q4 2025 and Q1 2026.
• Reliquias Project Background: Past‑producing underground silver mine with existing processing plant and tailings facilities; 2024 PEA indicated potential production of ~2.5 million silver‑equivalent ounces per year over an initial eight‑year mine life.

Notable Quotes

“The commencement of preparatory activities at Reliquias represents a pivotal milestone for Silver Mountain… we are now advancing into production preparations and building the foundation for our next phase of growth.” – Alvaro Espinoza, CEO