SILVER MOUNTAIN ANNOUNCES RESIGNATION OF ALFREDO PLENGE AS A DIRECTOR

On October 17, 2025, Silver Mountain Resources Inc. announced the resignation of Alfredo Plenge Thorne from its board of directors, effective immediately. Mr. Plenge has been a significant part of the team since December 31, 2020, contributing valuable experience and leadership during pivotal developments for the company, including its initial public offering (IPO) in 2022 and subsequent financing rounds. His resignation was attributed to personal reasons, and the board expressed appreciation for his dedication and contributions.

During his tenure, Silver Mountain achieved several noteworthy milestones, including the listing on multiple stock exchanges, securing an extension of the Environmental Impact Assessment (EIA) permit until 2034, and receiving government approval for its mine closure plan in 2024. Mr. Plenge played a crucial role in advancing the Reliquias project, where he oversaw extensive underground drilling campaigns that significantly increased the known silver resources. In addition, he facilitated important agreements with local communities to pave the way for the resumption of mining operations.

Following Mr. Plenge's departure, the board will now consist of José Vizquerra (Chairman), Juan Carlos Ortiz, Julio Arce, Tim Loftsgard, Johnny Decooman, and Gerardo Fernandez. Although he will no longer be on the board, Mr. Plenge will continue to serve as a consultant during the transition period.

Silver Mountain Resources Inc. focuses on the exploration and development of silver mining projects in Peru, particularly the Reliquias Project, which is situated in the Castrovirreyna district of Huancavelica. The company remains committed to responsible mining practices, community engagement, and sustainable development to create long-term shareholder value.

The recent resignation of Alfredo Plenge from the Board of Directors of Silver Mountain Resources Inc. has raised questions among investors regarding the potential implications for the company's future. While Mr. Plenge’s exit is attributed to personal reasons, his departure comes after a period of significant achievements for Silver Mountain, including its IPO and successful mineral exploration in the Reliquias project.

Investors should consider several factors in light of this development. First, the board restructuring could impact the company's strategic direction. Mr. Plenge was instrumental in guiding key projects, and his absence may leave a temporary vacuum in leadership during a critical time as the company ramps up preparations to restart mining operations. However, the remaining board members are seasoned professionals, and their expertise should help maintain continuity.

Additionally, Silver Mountain's operational progress remains robust. Their positive Preliminary Economic Assessment (PEA) underscores the economic viability of the Reliquias project. With an extension of the Environmental Impact Assessment (EIA) permit until 2034 and local community agreements in place, the groundwork for operational resurgence seems solid.

Investors might view this resignation as a consolidation of power within the current board, potentially leading to more unified decision-making. However, it can also be interpreted as a warning sign, prompting a reevaluation of risk.

For those considering an investment in Silver Mountain, it currently presents an interesting opportunity, especially given its strong project fundamentals and lower acquisition costs compared to peers. Nevertheless, it is crucial to monitor how the board transits during this period and the impact this has on project timelines and operational efficiency. A careful analysis of subsequent communications from the company will be key in determining investment timing and strategy moving forward.