Southern Silver Reports 2.8m of 665g/t AgEq and 4.0m of 367g/t AgEq from Underground Channel Sampling at the Puro Corazon Mine

Southern Silver Exploration Corp. (SSV) has released the final underground channel sampling assays from sub-levels 5 to 14 at the Puro Corazon Mine, located on the Cerro Las Minitas property in Durango, Mexico. The comprehensive program included 230 channels and 1,380 individual samples, spaced every 3.0 meters and oriented perpendicular to the mineralized trend. Sampling focused on areas of skarn alteration and mineralization adjacent to the Central Intrusion and out-board of the main contact.

The company highlighted the following intervals, each estimated at true thickness:

• 2.3m averaging 313g/t Ag, 0.1% Cu, 5.4% Pb, 4.7% Zn (554g/t AgEq)
• 2.8m averaging 289g/t Ag, 0.2% Cu, 9.6% Pb, 6.6% Zn (665g/t AgEq)
• 1.2m averaging 1,057g/t Ag, 21.0% Pb, 21.6% Zn (2,042g/t AgEq)
• 4.0m averaging 198g/t Ag, 6.0% Pb, 1.9% Zn (367g/t AgEq)

The full table reports 36 select channel intervals from levels 5 to 14, with other notable entries including 0.7m at 337g/t Ag and 22.7% Zn (1,057g/t AgEq), and 1.1m at 223g/t Ag and 15.1% Zn (701g/t AgEq).

Southern Silver stated it will incorporate the final drilling and underground sampling results into the larger Cerro Las Minitas resource model and updated preliminary economic assessment (PEA). Phase I definition drilling has begun, with six core holes and 2,194 meters completed to date, while assays remain pending.

Southern Silver Exploration Corp. (SSV) released incremental resource-definition results from a known, historically mined structure, rather than announcing a discovery or a major step-out. These findings follow a prior underground channel release on July 2, 2026, which reported 2.8m at 757g/t AgEq and 3.2m at 479g/t AgEq from the same target.

Compared with that July result, the current broad highlight of 2.8m at 665g/t AgEq is slightly lower, while the new 1.2m at 2,042g/t AgEq is much higher but narrower.

The stock is trading around C$0.63, well below its January 2026 high of C$0.99 and only modestly above the June-July range of roughly C$0.41-0.53. The market does not appear to be pricing a high bar for this specific release.

For a project already at PEA stage with a defined resource, these channel results are confirmatory and useful for mine planning and future resource classification, but they do not materially change the asset value or thesis.

Southern Silver Exploration Corp. is focused on its 100%-owned Cerro Las Minitas silver-lead-zinc project in Durango, Mexico, located within the Faja de Plata belt. The Puro Corazon claim sits adjacent to, and is now integrated with, the larger Cerro Las Minitas project. Other assets include the Nazas gold-silver property in Durango, and the Oro and Hermanas projects in southern New Mexico, USA.

Investor presentation figures, provided as context from August 7, 2026, indicate resources of 116.1moz AgEq at 271g/t AgEq and inferred resources of 186.0moz AgEq at 248g/t AgEq, for roughly 302moz AgEq total contained. PEA parameters, from the same provided material, include a 17-year mine life, pre-tax IRR of 30.0%, after-tax NPV at 5% of approximately US$501M, and initial capex of about US$888M.

Financial context, prior-period and not disclosed in the current release, shows that SEDAR Q2-2026 statements report no revenue, a six-month net loss of C$5.98M, cash of C$14.03M as of October 31, 2025, and book value of about C$0.13 per share. The investor presentation more recently states cash of about C$4.9M as of August 7, 2026, with about 414.8M shares outstanding and fully diluted shares near 484M.