DisclaimerThe information provided in this presentation is not intended to be a comprehensive review of all matters and developments concerning the Company. It should be readin conjunction with all other disclosure documents of the Company. The information contained herein is not a substitute for detailed investigation or analysis. Nosecurities commission or regulatory authority has reviewed the accuracy or adequacy of the information presented.FORWARD-LOOKING STATEMENTSThis presentation contains “forward‐looking statements” within the meaning of Canadian securities legislation and the United States Securities Litigation Reform Act of 1995. Suchforward‐looking statements concern the Company’s anticipated results and developments in the Company’s operations in future periods, planned exploration and development ofits properties, plans related to its business and other matters that may occur in the future. These statements relate to analyses and other information that are based on expectationsof future performance, including silver and gold production and planned work programs. Statements concerning reserves and mineral resource estimates may also constituteforward‐looking statements to the extent that they involve estimates of the mineralization that will be encountered if the property is developed and, in the case of mineral reserves,such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited.Forward‐looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from thoseexpressed or implied by the forward‐looking statements, including, without limitation: risks related to precious and base metal price fluctuations; risks related to fluctuations in thecurrency markets (particularly the Mexican peso, Canadian dollar and United States dollar); risks related to the inherently dangerous activity of mining, including conditions or eventsbeyond our control, and operating or technical difficulties in mineral exploration, development and mining activities; uncertainty in the Company’s ability to raise financing and fundthe exploration and development of its mineral properties; uncertainty as to actual capital costs, operating costs, production and economic returns, and uncertainty thatdevelopment activities will result in profitable mining operations; risks related to reserves and mineral resource figures being estimates based on interpretations and assumptionswhich may result in less mineral production under actual conditions than is currently estimated and to diminishing quantities or grades of mineral reserves as properties are mined;risks related to governmental regulations and obtaining necessary licenses and permits; risks related to the business being subject to environmental laws and regulations which mayincrease costs of doing business and restrict our operations; risks related to mineral properties being subject to prior unregistered agreements, transfers, or claims and other defectsin title; risks relating to inadequate insurance or inability to obtain insurance; risks related to potential litigation; risks related to the global economy; risks related to the Company’sstatus as a foreign private issuer in the United States; risks related to all of the Company’s properties being located in Mexico and El Salvador, including political, economic, social andregulatory instability; and risks related to officers and directors becoming associated with other natural resource companies which may give rise to conflicts of interests.Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those describedin theforward‐looking statements. The Company’s forward‐looking statements are based on beliefs, expectations and opinions of management on the date the statements are made. Forthe reasons set forth above, investors should not place undue reliance on forward‐looking statements. he information contained herein is nota a substitute for detailed investigationor analysis. No securities commission or regulatory authority has reviewed the accuracy or adequacy of the information presented.All monetary figures are expressed in United States dollars unless otherwise specified.Qualified PersonUnder National Instrument (NI 43-101) Standards of Disclosure for Mineral Projects, the Qualified Person for this presentation is N. Eric Fier, CPG, P.Eng. and Chief Operating Officerfor SilverCrest Mines Inc., who has reviewed and approved its contents. 2
3Overview of SilverCrestBuilding The Next Mid-Tier Silver Producer• 2.37 million Ag Eq oz• 579K oz Ag | 33K oz Au2012Production• $ 7.39 per Ag Eq oz ($406 Au Eq)• $11.60 per Ag Eq oz (ALL IN)2012Cash Cost• $ 30.5 million• 43%2012Earnings &Margin• 21.7 million Ag Eq ozReserves• Indicated: 9.2 million Ag Eq oz• Inferred: 222.6 million Ag Eq ozResources• 1 Operating (Santa Elena)• 1 Development – PEA (La Joya)Asset Stages• 2013: 2.44 million Ag Eq oz• 2014: 3.5 – 4 million Ag Eq ozEstimatedProduction • Mexico: Sonora & DurangoGeographicLocation
Experienced Management TeamJ. Scott Drever, BSc., President (45 years experience)Strategic Planning, Mergers & Acquisitions. Management and operational experience with several production companies, includingPlacer Dome and Blackdome Mining.Barney Magnusson, CA, CFO (35 years experience)Served as an Officer and Director of 6 mining (Dayton Mines, High River Gold Mines) companies that developed, constructed oroperated 8 precious metals mines in North and South America.N. Eric Fier, CPG, P.Eng., COO (25 years experience)Operations, Project Evaluation & Management. Previously with Newmont Mining, Eldorado Gold, Pegasus Gold Corp. Involvementin construction and operations of 4 successful mines, including Santa Elena. Several major international discoveries.Brent McFarlane, BSc., VP Operations (25 years experience)Managed all phases of open pit and underground mining projects and instrumental in leading Mexican and Int’l projects throughfeasibility, construction, and production while working for Minefinders, Kappes Cassiday, TVI Pacific, Marston, and Pegasus Gold.Marcio Fonseca, P.Geo., VP Corporate Development (20 years experience)Served as Division Director at Macquarie Metals & Energy Capital with focus on equity and debt financing for the mining sectorover the last 9 years. Prior to that, he held corporate positions in business development, project development, operations andexploration with Vale and Phelps Dodge in Latin America.Graham C. Thody, CA, Director (30 years experience)Corp. finance and public company management. Director and President of UEX Corp., Chairman of the Board of Geologix.George W. Sanders, Director (30 years experience)Experience in mining and exploration finance. Previously with Canaccord Capital Corp., Richmont Mines Inc., Consolidated CinolaMines Ltd., and Shore Gold Inc.Ross Glanville, P.Eng., CGA, Director (40 years experience)Experience in mining, exploration finance, valuations and fairness opinions. Director of Archon Minerals Limited, Clifton StarResources Inc. and Starfield Resources Inc. 4FOUNDERS
6Strong Financial PerformanceRevenue & Cash Flow GrowthStrong Working Capital of$ 49 Million at March 31, 2013¹ The second quarter of 2011 was the first period whereby revenues and expenses were presented in thestatement of operations.² Higher grade areas were mined in this quarter.¹ Higher working capital due to bought deal financing and cash flow from operations.-5.0010.0015.0020.0025.00USD($millions)RevenueCash flow0102030405060USD($millions)Working CapitalWorking Capital
7Financial Performance on a per share basis0.000.050.100.184.108.40.2060.350.400.452011 2012Annual CFPS & EPSCFPS EPSNote: Earnings impacted by derivative losses0.000.020.040.060.080.100.120.140.16Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013Quarterly Earnings Per Share (Basic) - $0.000.020.040.060.080.100.120.140.16Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013Quarterly Cash Flow Per Share - $
8Cash Operating Cost & ALL IN Cash Operating Cost2012 2011Cash operating cost per income statement $ 18,307,681 9,526,888General and Admin expenses $ 5,568,582 4,093,438Santa Elena Reserve definition drilling $ 3,164,152 -Santa Elena Sustaining capital $ 1,703,919 1,450,589All-in sustaining cash cost $ 28,744,334 15,070,915Cash Cost per silver equivalent ounce¹ $ 7.39 7.79ALL IN cash cost per silver equivalent ounce ¹ $ 11.60 9.60¹ Based on 2,477,623 silver equivalent ounces sold in 2012, and based on 1,570,106 silver equivalent ounces sold in 2011.“ALL IN” includes total direct costs + sustaining capital + corporate G&A expense (net of stock option expense) + exploration expense.
9Mine Operating Earnings Per TonnePer tonne of ore loaded on pads 2013E 2012 2011Revenue $ 53 ³ $ 61 $ 42 ¹Cash cost $ (17) $ (16) $ ( 9) ²Depletion, depreciation and accretion $ ( 6) $ ( 5) $ ( 3)Mine operating earnings per tonne $ 30 $ 40 $ 29¹ Footwall ore with a slower recovery cycle was placed on the pad initially in 2011.² Low strip ratio in 2011 due to mining of footwall material.³ Estimates of $1450 for Au and $26 for Ag were used.
CLASSIFICATION* TONNES AU GPTAGGPTCONTAINED AUOZ CONTAINED AG OZPROBABLE 3,920,510 1.57 108.1 198,170 13,624,640PROBABLE 1,426,710 1.52 66.8 69,830 3,062,200PROBABLE 2,844,530 0.65 33.3 59,420 3,048,200SANTA ELENA UNDERGROUND DILUTED AND RECOVERABLERESERVES**SANTA ELENA OPEN PIT RESERVES***INDICATED 2,142,820 1.69 114.9 116,000 7,919,000INFERRED 1,489,750 1.50 155.6 72,000 7,453,000SANTA ELENA UPDATED RESERVES AND RESOURCES10SANTA ELENA LEACH PADS RESERVES****SANTA ELENA UNDERGROUND RESOURCES*****PROBABLE 8,191,760 1.24 74.9 327,430 19,735,050TOTAL SANTA ELENA RESERVESNote: All numbers are rounded. Underground and Leach Pad Reserves and Resources are based on 3 year historic metal price trends of US$28/oz silver, US$1450/oz goldand metallurgical recoveries of 92% Au and 67.5% Ag with a metal ratio of Ag:Au at 70:1. All Mineral Resources and Reserves conform to NI 43-101, 43-101CP, and CIMdefinitions for Resources and Reserves. Inferred Resources have been estimated from geological evidence and limited sampling and must be treated with a lower level ofconfidence than Indicated Resources.*Open Pit and Leach Pad Probable Reserves were classified by SilverCrest. Underground Reserves and Resources were classified by EBA, a Tetra Tech Company.**Underground Probable Reserve is based on a cutoff grade of 1.47 gpt AuEq with an average 11% dilution and 90% mine recovery. Average true thickness of the designedstopes is 13.4 metres.***Open Pit Reserve is based on a cutoff grade of 0.20 gpt AuEq in a constrained pit shell with applied capping of 8 gpt Au and 300 gpt Ag.****Leach Pad Reserve based on production and drill hole data for volumetrics and grade model using a cutoff grade of 0.5 gpt AuEq. No capping was applied.*****Underground Resources are based on 1 gpt AuEq grade shell and cutoff grade of 1.4 gpt AuEq with applied capping of 12 gpt Au and 600 gpt Ag.
Mexico Properties Santa Elena Properties11♦ ♦♦♦♦ Existing Mines
Santa Elena Mine1. SANTA ELENA HIGH GRADE OPEN PIT12CCD Circuit Construction Site3-Stage CrusherOpen Pit
Santa Elena Production Data(1) Silver equivalence is based on market spot prices per ounce of silver and gold at the quarter end dates. All numbers are rounded.(2) Sandstorm Agreement: 20% gold stream at $350/ozSanta Elena Mine Operating Highlights Q1 2013 Q4 2012 YTD 2012Silver ounces produced 153,481 153,863 579,609Gold ounces produced (2) 7,225 7,831 33,004Silver equivalent ounces produced 556,667 588,948 2,371,755Silver ounces sold 157,088 171,714 588,312Gold ounces sold 7,370 8,444 34,834Silver equivalent ounces sold 568,380 640,856 2,477,623Tonnes ore mined 257,726 301,295 1,092,305Tonnes waste mined 1,100,362 924,927 4,640,700Waste / ore ratio 4.27 3.07 4.25Ore tonnes crushed 252,830 308,693 1,157,226Average ore tonnes crushed per day 2,809 3,355 3,162Average silver ore grade (gpt) loaded on pad 62.09 59.59 47.95Average gold ore grade (gpt) loaded on pad 1.54 1.42 1.43Silver ounces delivered to pad 504,711 591,441 1,784,118Gold ounces delivered to pad 12,536 14,089 53,296Ag: Au Ratio (1) 55.8:1 55.6:1 54.3:113
14Santa Elena Mine Expansion Plan Capex Schedule($ Millions) TOTAL 2013(Budget)2012 2011Mill Complex 58.7 53.2 5.5 -Underground Development 12.3 7.8 3.5 1.0Drilling & Pre-Feasibility 9.5 3.5 5.0 1.080.5 64.5 14.0 2.0 Pre Feasibility in Q2|2013 Decline ramp, UG development and drilling in process Construct, 3,000 tonnes per day conventional mill by Q1 2014 Mill feed from Open Pit and Underground in 2014
15Potential Mill Feed Schedule 2013 - 2024Source 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024Open Pit (until August 2014)Underground (to commence Q3|2014)Heap Leach Reprocessing (to commence Q3|2014)Cruz de Mayo(1)(2)Note (1): Resources (hatched)Note (2): Open pit heap leach material still to be put on pad in 2013 (hatched)
Santa Elena Expansion - Mill Plan (Ultimate Foot Print)Open PitLeachPadPhase 1Leach PadPhase 2Merrill Crowe PlantFuture CrushingCircuitWaste DumpFuture CCDCircuit , 3000 tpdUnderground Decline Portal16Production WellAA
Santa Elena Production Expansion - Long Section17
La Joya Project: Geological Model - Phase I & II Drill Program(completed)18Conceptual Starter Pit
La Joya Exploration PotentialLa Paloma19
La Joya NI 43-101 Resource Estimate & PreliminaryMetallurgy20ZONEAg Eq* Cut-offgptTonnage(000) Ag gpt Au gpt Cu % Ag Eq gptAg Oz(000)Au oz(000) Cu lbs (000)Ag Eq* Oz(000)Total 15 126,700 23.5 0.17 0.19 48.7 95,900 716.2 533,200 198,60030 71,200 34.4 0.22 0.28 69.8 78,700 524.8 436,800 159,80060 27,900 57.5 0.28 0.48 112.2 51,600 258.8 288,400 100,800**Classified by EBA, A Tetra Tech Company and conforms to NI 43-101, 43-101CP, and CIM definitions for resources. All numbers are rounded. Inferred Resources have beenestimated from geological evidence and limited sampling and must be treated with a lower level of confidence than Measured and Indicated Resources. Mineralization boundariesused in the interpretation of the geological model and resource estimate are based on a cutoff grade of 15 gpt Ag Eq using the metal price ratios described below.Note: all the metal grades are based on weighted average values.* Silver equivalency (Ag Eq) includes silver, gold and copper and excludes lead, zinc, molybdenum and tungsten values. Ag:Au is 50:1, Ag:Cu is 86:1, based on 5 year historicmetal price trends of US$24/oz silver, US$1200/oz gold, US$3/lb copper.** Contact composite was collected and analyzed to target tungsten and molybdenum recoveries.Batch Cleaner Flotation Test Results – BaselineCurrent Resource Estimate (PEA focus on 60 gpt cut-off)CompositeHead Assay3rd Cleaner ConcentrateAssay Recovery (%)Cu % Ag gpt Au gpt Ag Eq* gpt Mo % Cu % Ag gpt Au gpt Ag Eq* gpt Mo % Cu Ag Au MoManto 0.34 45.0 0.15 81.7 0.004 36.3 4,700 3.40 7,991 0.27 86.7 84.3 18.2 59.6Structure 0.46 58.0 0.25 110.0 0.003 34.3 3,980 9.45 7,402 0.17 82.7 76.7 42.4 59.7Contact** 0.07 4.0 0.10 15.0 0.011 16.7 670 17.40 2,976 2.02 83.6 63.7 66.4 65.4
La Joya Resource Sections A-A’ (Looking NE)21“Potential Starter Pit Parameters”: 8-10 year mine life Low strip ratio 5,000 – 7,000 tpd throughput Est. 4 to 5 million Ag Eq oz
Investment Highlights Unhedged High Grade, Low Cost Producer Excellent Profit Margins Strong Earnings And Cash Flow Significant Increase In Production by 2014 Good Organic Growth Opportunities Expanding Resources & Reserves Building The Next Mid-Tier Silver Producer Personnel In Place For Future GrowthUpcoming Catalysts 2013 Quarterly Production Data & Financial Statements Santa Elena Expansion Pre-Feasibility Study Revised Corporate Resources & Reserves Revised Life of Mine Plan Santa Elena Expansion Updates Santa Elena Exploration Results La Joya moving to PEA status in 201322Santa Elena CCD Tank Construction
23Institutional Holdings Analyst CoverageInstitutional Investors Sprott Inc Libra Advisors Wellington Management AGF Investments JP Morgan Chase IG Investment Management Global X Management Global Strategy Financial Great West Life US Global InvestorsFirm Analyst Canaccord Genuity Nicholas Campbell Cormark Securities Graeme Jennings Dundee Capital TBA Euro Pacific Capital Inc. Heiko Ihle Global Hunter Securities Jeff Wright Haywood Securities Benjamin Asuncion Jennings Capital Kwong-Mun Achong Low PI Financial Corp Philip Ker Raymond James Chris Thompson Roth Capital Partners Brian Post Stonecap Securities Christos Doulis
7.15.530.51036.131.542.194.2115.8197.6126.2331.4360.9418.7ScorpioMinngGreatPantherSilverCrestAurcanaSilverTimminsFortunaSilverEndeavourSilverPeer Comparables - May 22, 2013Market Capitalization 2012 Earnings24Peer Comparables – Market Capitalization & EarningsSource: Company disclosure and Bloomberg$Millions
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