Silver Mountain Resources Inc. — Capital/Financing Update 2022

Feb 2, 2022

SILVER MOUNTAIN RESOURCES INC.

Notice Declaring Intention to be Qualified Under National Instrument 44-101 Short Form Prospectus Distributions ("NI 44-101")

February 2, 2022

TO: Ontario Securities Commission Notice Regulator under NI 44-101 AND TO: British Columbia Securities Commission Alberta Securities Commission Financial and Consumer Affairs Authority of Saskatchewan The Manitoba Securities Commission Financial and Consumer Services Commission of New Brunswick Nova Scotia Securities Commission Office of the Superintendent of Securities, Service Newfoundland and Labrador Office of the Superintendent of Securities, Prince Edward Island

Silver Mountain Resources Inc. (the " Issuer ") intends to be qualified to file a short form prospectus under NI 44-101. The Issuer acknowledges that it must satisfy all applicable qualification criteria prior to filing a preliminary short form prospectus.

This notice does not evidence the Issuer's intent to file a short form prospectus, to enter into any particular financing or transaction or to become a reporting issuer in any jurisdiction.

This notice will remain in effect until withdrawn by the Issuer.

SILVER MOUNTAIN RESOURCES INC.

Per: (signed) “ Alfredo Bazo ” Alfredo Bazo, Chief Executive Officer