Southern Silver Intersects 35.0 Metres Averaging 188g/t Ag, 4.9% Pb and 4.6% Zn (399g/t AgEq) at Cerro Las Minitas Project, Durango, Mexico

Southern Silver Exploration Corp. (SSV) has reported assay results from the initial phase of its 14,000-meter definition drill program at the Puro Corazon target within the Cerro Las Minitas (CLM) project in Durango, Mexico. The program, comprising 30 planned holes, currently has eight holes completed, one in progress, and assays pending for three others.

The company described the results as a "very solid start" to the definition drilling, noting nominal 40-meter step-outs and the presence of both skarn and replacement mineralization styles. These results are intended to feed an updated mineral resource estimate (MRE) targeted for the fourth quarter of 2026 and a revised preliminary economic assessment (PEA) scheduled for the first quarter of 2027.

Key drill intercepts from the program include:

• Hole 26CLM-225: 47.6 m core length / 35.0 m estimated true thickness @ 188 g/t Ag, 0.02 g/t Au, 0.31% Cu, 4.9% Pb, 4.6% Zn = 399 g/t AgEq, including 12.8 m / 9.4 m TT @ 344 g/t Ag, 9.1% Pb, 6.7% Zn (665 g/t AgEq) and 4.9 m / 3.6 m TT @ 235 g/t Ag, 1.67% Cu, 7.1% Pb, 14.8% Zn (818 g/t AgEq).
• Hole 26CLM-225, other: 2.9 m / 1.9 m TT @ 216 g/t Ag, 0.21 g/t Au, 3.9% Pb, 1.2% Zn (318 g/t AgEq, 43.8% dilution); 0.4 m @ 926 g/t Ag, 20.7% Pb (1,410 g/t AgEq).
• Hole 26CLM-226: 9.8 m / 5.2 m TT @ 277 g/t Ag, 9.9% Pb, 6.3% Zn (598 g/t AgEq), inc. 6.7 m / 3.6 m TT @ 384 g/t Ag (812 g/t AgEq); 10.9 m / 9.0 m TT @ 96 g/t Ag, 2.1% Pb, 2.9% Zn (211 g/t AgEq, 40% dilution); 6.2 m / 5.1 m TT @ 58 g/t Ag (76 g/t AgEq, 24% dilution).
• Hole 26CLM-227: 7.3 m / 5.3 m TT @ 493 g/t Ag, 10.2% Pb, 7.2% Zn (850 g/t AgEq), inc. 4.4 m / 3.2 m TT @ 748 g/t Ag, 15.5% Pb, 8.4% Zn (1,225 g/t AgEq); 5.7 m / 4.2 m TT @ 90 g/t Ag, 0.50% Cu (255 g/t AgEq); 9.5 m / 8.0 m TT @ 63 g/t Ag (105 g/t AgEq).
• Hole 26CLM-224: 7.3 m / 6.2 m TT @ 85 g/t Ag, 2.9% Pb (206 g/t AgEq); 3.3 m / 2.8 m TT @ 80 g/t Ag, 1.99% Cu (253 g/t AgEq).
• Hole 26CLM-228: 27.4 m / 19.6 m TT @ 69 g/t Ag, 2.1% Pb, 2.0% Zn (155 g/t AgEq, 30.5% dilution), inc. 11.4 m / 8.2 m TT @ 114 g/t Ag (257 g/t AgEq, 38.5% dilution).

Southern Silver Exploration Corp. (SSV) has completed definition drilling at Puro Corazon, targeting resource classification with nominal 40-meter step-outs. The company reported three intercepts of 399, 598, and 850 g/t AgEq over true widths of 5 to 35 meters. These results significantly exceed the 2024 Mineral Resource Estimate’s grades of 272 g/t AgEq for Indicated resources and 247 g/t AgEq for Inferred resources.

The latest intercepts follow the December 1, 2025, discovery hole (25CLM-203), which returned 10.5 meters at 1,115 g/t AgEq. Following that announcement, the stock rose from $0.54 to $0.99 by January 27, 2026, an 83% increase, before falling to $0.41 by June 23, 2026. The share price has since recovered to $0.60, sitting approximately 39% below its 52-week high and only 11% above the closing price on the day of the initial discovery announcement.

The most recent drilling highlights a length-focused result rather than a grade-focused one. The new interval is 35 meters wide at 188 g/t Ag, roughly one-third of the anchor hole’s silver grade of 560 g/t Ag, and approximately 60% of the anchor’s AgEq grade of 399 g/t versus 1,115 g/t AgEq. In terms of gram-metres, this represents the best hole to date, totaling approximately 14,000 AgEq g.m compared to the previous best of approximately 11,700 AgEq g.m. These results serve as a confirmation of a known zone and contribute to a resource update, rather than identifying a new system or dimension.

Southern Silver is an advanced explorer and developer with a 2024 Preliminary Economic Assessment and a 2024 Mineral Resource Estimate comprising approximately 116 moz AgEq Indicated and 186 moz AgEq Inferred resources. The company currently generates no revenue. Financials reported for the second quarter of 2026, covering the six months ended October 31, 2025, showed a net loss of C$5.98 million, C$14.0 million in cash, and C$49.98 million in book equity. An investor presentation dated September 2, 2026, indicated cash holdings of approximately C$5 million as of August 7, 2026, suggesting a material drawdown since the last audited period and the potential for a future capital raise. The next significant catalysts for the company are the expected Mineral Resource Estimate in the fourth quarter of 2026 and the Preliminary Economic Assessment in the first quarter of 2027.

Southern Silver Exploration Corp. (TSXV: SSV / OTCQX: SSVFF), a Vancouver-based advanced explorer and developer with no revenue, owns 100% of its flagship Cerro Las Minitas (CLM) project in Durango, Mexico, free of royalties. A 2024 NI 43-101 Mineral Resource Estimate prepared by Kirkham Geosystems on March 20, 2024, reported an Indicated resource of 13.3 million tonnes at 272 grams per tonne silver-equivalent (AgEq), containing approximately 116 million ounces of AgEq, and an Inferred resource of 23.4 million tonnes at 247 grams per tonne AgEq, containing approximately 186 million ounces of AgEq. The total resource stands at approximately 302 million ounces of AgEq across deposits including Blind Zone, El Sol, Skarn Front, La Bocona/North Felsite, Las Victorias, and South Skarn.

A July 2024 Preliminary Economic Assessment (PEA) conducted by Ausenco, Entech, Kirkham, and MPC outlined a large-scale underground operation with a 17-year mine life. The plan projects 29.5 million tonnes of life-of-mine (LOM) production averaging 104 grams per tonne silver, 0.11 grams per tonne gold, 0.19% copper, 1.06% lead, and 2.41% zinc, yielding an average net smelter return (NSR) of US$131 per tonne and producing over 14 million ounces of AgEq annually. The PEA utilized metal prices of $22.50 per ounce for silver, $1,850 per ounce for gold, and $3.78 per pound for copper, which are materially below current spot prices and below the deck used in the current release.

The company is focusing its 2025-26 program, comprising 23 holes for approximately 12,000 meters, and a current 14,000-meter definition program on Puro Corazon. This 9-hectare claim was acquired in 2025 and is adjacent to CLM. The property was previously worked privately at a rate of 50-80 tonnes per day from a partially complete spiral decline, Rampa Guadalupe, which featured 14 levels extending to approximately 220 meters below surface.

Located approximately 70 kilometers northeast of Durango city and accessible via Guadalupe Victoria, the property is transected by two federal highways, rail lines, and transmission lines, with grid power available approximately 7 kilometers away. Exploration permits are in place, and baseline environmental, hydrology, geotechnical, and archaeological studies are underway, alongside social access agreements with the local Ejido.

Southern Silver also holds other assets, including the Nazas gold-silver project in Durango, where it holds an option to own 100% and has historic drilling intercepts such as 31 meters at 0.57 grams per tonne gold and 15 meters at 0.75 grams per tonne gold. In southern New Mexico, the company owns 100% of the Oro porphyry copper-gold and Hermanas gold-silver veins, with drill permitting currently in progress, as well as copper deposits in Arizona.

According to an investor presentation dated September 2, 2026, the company’s capital structure consisted of 417 million basic shares, 22 million options, and 39.9 million warrants, resulting in 484 million fully diluted shares. Institutional ownership was approximately 33%, while management and directors held approximately 2.3%. The presentation cited a price-to-net asset value (P/NAV) ratio of 0.34x. No analyst coverage, consensus, or price targets were provided in the materials supplied.