On 29th July, Silver Mountain Resources Inc. has successfully completed its previously announced C$25 million bought deal prospectus offering. The financing, led by Velocity Capital Partners with co-leads including SCP Resource Finance LP, Research Capital Corporation, and Stifel Nicolaus Canada Inc, was oversubscribed and included the full exercise of the underwriters’ over-allotment option.

The company issued 19,230,300 units at C$1.30 per unit, raising total gross proceeds of C$24,999,390. Each unit consists of one Class A common share and one-half common share purchase warrant, exercisable at C$1.70 for 24 months.

CEO Álvaro Espinoza highlighted the strong demand and notable investment from Eric Sprott, signaling confidence in the company's strategy. Net proceeds will support the development of the Reliquias Mine, advancement of its processing plant and tailings dam, further exploration, and general working capital.

The offering was conducted under a prospectus supplement dated July 21, 2025, to the company's October 2024 base shelf prospectus. Units issued to related parties totaled 1,484,900, falling within exemptions under MI 61-101.

The company aims to restart operations at Reliquias Mine in 2026, with aggressive near-mine and regional drilling also planned.