Mr. Kai Ning Li reports

REPORT OF ACQUISITION OF COMMON SHARES OF MINCO SILVER CORPORATION

Following the acquisition of 22,500 common shares of Minco Silver Corp. on the Toronto Stock Exchange on Sept. 15, 2026, at a price of 56 cents per common share for total consideration of $12,600, Kai Ning Li has acquired beneficial ownership of an aggregate of 6,165,200 common shares of Minco Silver.

Immediately prior to the transaction, Mr. Li had deemed beneficial ownership of 6,142,700 common shares, representing approximately 9.97 per cent of the then issued and outstanding common shares of Minco Silver.

As a result of the transaction, Mr. Li has acquired beneficial ownership of approximately 10.00 per cent of the issued and outstanding common shares, resulting in his becoming a reporting insider (as defined under National Instrument 55-104, Insider Reporting Requirements and Exemptions) of Minco Silver and requiring the filing of an early warning report pursuant to National Instrument 62-103, The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.

Mr. Li has acquired the common shares of Minco Silver for investment purposes. He may, from time to time and at any time, acquire additional common shares and/or other equity, debt or other securities or instruments of Minco Silver in the open market or otherwise and reserves the right to dispose of any or all securities in the open market or otherwise at any time and from time to time and to engage in similar transactions with respect to the securities, the whole depending on market conditions, the business and prospects of Minco Silver and other relevant factors.

A copy of the related early warning report to be filed under applicable securities laws will be available under Mr. Li's profile on SEDAR+ or from Mr. Li at 852-2625-6511.