Report of Decrease in Beneficial Ownership of Common Shares of SilverCrest Metals Inc.

Vancouver, December 11, 2018 - Donald Smith Value Fund, L.P. (the "Fund") reports that, further to issuances of common shares ("Common Shares") of SilverCrest Metals Inc. ("SilverCrest") announced by SilverCrest on December 10, 2018, the Fund's deemed beneficial ownership of Common Shares has decreased by more than 2% and is now less than 10% of the deemed outstanding Common Shares.

The Fund's deemed beneficial ownership of 7,650,000 Common Shares of SilverCrest has not changed, but, due to the issuances of Common Shares by SilverCrest, the Fund's deemed beneficial ownership percentage has changed to 8.9% (from approximately 10.2% immediately prior to the Common Share issuances by SilverCrest) and representing a decrease of 2.9% from the Fund's previously reported shareholding percentage in the Common Shares.

The Fund may acquire additional Common Shares or dispose of Common Shares (through market or private transactions or exercises of share purchase warrants) from time to time.

Further to the decrease of the Fund's deemed beneficial ownership of Common Shares to less than 10% of the deemed outstanding Common Shares, the Fund will not be filing any further early warning disclosures unless and until required under applicable securities legislation.

A copy of the related early warning report may be obtained from the SEDAR website (www.sedar.com) or from Ann Cianfrone at Donald Smith Value Fund, L.P. at (212) 284 0990.

DONALD SMITH VALUE FUND, L.P.

"Donald Smith"
Per: Donald Smith, Managing Member