2025 San Miguel & Eduwiges Drilling Highlights

• 425 g/t AgEq over 3.4 metres
• 764 g/t AgEq over 1.5 metres
• 554 g/t AgEq over 1.2 metres
• 259 g/t AgEq over 1.1 metres

Vancouver, British Columbia--(Newsfile Corp. - November 19, 2025) - Silverco Mining Ltd. (TSXV: SICO) ("Silverco" or the "Company") is pleased to report additional assay results from its 15,000 metre 2025 diamond drill program at the Company's 100%-owned Cusi Property ("Cusi"), located approximately 90 kilometres northwest of First Majestic's Los Gatos Mine in Chihuahua, Mexico.

Cusi was in commercial production until September 2023, when it was placed on care and maintenance. The Company acquired Cusi and completed an initial 5,500m drill program in 2024, the results of which are outlined in the October 30, 2025 news release. Silverco's ongoing 15,000-metre drill program is primarily focused on expanding the potential of its San Miguel target, to form the basis for an expanded, higher-grade resource base. The initial batch of assays from the 2025 program were reported in the November 11, 2025 news release. This release encompasses the remaining drill holes to be included in the upcoming Mineral Resource Estimate ("MRE") update.

Ongoing drilling at San Miguel has continued to successfully expand the vein system, extending the vein to the southwest by approximately 50 metres. Hole CU-25-35 intersected 3.4 metres of 425 g/t AgEq at a similar depth as the previously released CU-25-29's 8.6 metres of 250 g/t AgEq. The high-grade intercept in CU-25-33 with 1.2 metres of 554 g/t AgEq was also at a similar depth to CU-25-29's high grade 2.1 metres of 1,042 g/t AgEq.

Drilling at Eduwiges for 2025 was focused on infilling the 200-metre step out drilled in CU-24-10c of 3.2 metres of 519 g/t AgEq. The first two holes received from the 2025 program successfully connected the step out. Hole CU-25-34 intercepted 1.1 metre of 259 g/t AgEq and CU-25-36a intercepted 1.5 metre of 764 g/t AgEq. These holes were all drilled to the east of the Cusi Fault and confirmed the continuation of mineralization beyond the fault to the east, opening up significant resource expansion potential. The company plans on drilling underground at Eduwiges in the future to take advantage of existing infrastructure and save on drilling metres.

Mark Ayranto, CEO of Silverco, commented:

"These results provide the final set of assays for inclusion in our upcoming Mineral Resource update. The consistently strong drilling at San Miguel, confirming continuous mineralization across multiple, parallel veins with significant widths and grades, solidifies our expectation of defining another substantial, high-quality silver deposit at Cusi. We expect to publish the Resource update in December. At Eduwiges, our infill program successfully confirmed the continuity of last year's step out 519 g/t AgEq discovery with recent high-grade intercepts of 764 g/t AgEq. We are now aggressively prioritizing underground drilling at Promontorio and plan to get underground at Eduwiges following mine rehabilitation to capitalize on the significant expansion potential of the downthrown blocks."

Details of the 2025 Drill Program

The 2025 program consists of 15,000 metres of surface diamond drilling. The program is approximately three quarters complete. Receipt of assays is expected to continue in the current quarter and into the first quarter of 2026. The 2025 program is primarily focused on following up on the San Miguel results from 2024, with the aim of extending vein along strike and at depth. In addition, some exploratory and infill drilling of the downthrown blocks on the property are planned. Drilling was performed from surface by a local contractor, utilizing portable drill rigs. All core was HQ in size for holes up to 400 metres in depth. Any holes beyond this depth were switched to NQ upon reaching 400 metres.

Figure 1: Collar Locations

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San Miguel Vein - Inset Claims Target

With the acquisition of the Cusi Property, the Company additionally acquired and consolidated two inset claims along the San Miguel vein system. These claims had been in dispute since 2007 and no exploration work had been performed since 2007. This area has a small open pit mine at surface (~30m depth) and minor underground workings from historical mining, assumed to be pre-2000s.

The mineralization at the San Miguel vein system is hosted within a sequence of rhyolite lapilli tuff. The host rock is characterized by strong to moderate silicification and local oxidation and chlorite alteration, indicating a significant hydrothermal system was active in the area. The mineralized structures consist of a series of steeply-dipping, parallel veins, primarily presenting as a hydrothermal breccia. This breccia is a fractured and cemented rock, with fragments of the host rock and angular quartz clasts cemented by silica. Vein widths are variable, ranging from less than 1.0m to exceeding 5.0m, and are steeply dipping at 70-80^o.

Figure 2: 2025 San Miguel Drill Program Collar Locations (Current Release in Blue)

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Figure 3: San Miguel Long Section +/- 50m Looking NW

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Figure 4: 2025 Eduwiges Drill Program Collar Locations

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Figure 5: Eduwiges Long Section +/- 50m (mine as-built unclipped), Looking NW

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Cusi Downthrown Block Targets

The Company's exploration target for the historical mining areas is based on a structural model which suggests a significant post-mineral fault has displaced all the vein systems on the property to the east of the Cusi fault. This means the downthrown block, while occurring at a deeper elevation relative to surface, represents the same favorable relative elevation within the overall epithermal mineral system. This structural understanding indicates the continued potential for the same high-grade silver mineralization found in the un-faulted portions of the deposit. A conceptual exploration model is provided in Figure 6, with the Promontorio underground workings reference for scale.

Figure 6: Cusi Geological & Conceptual Downthrown Block Exploration Model

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Detailed drill results, along with notable assays results are provided in Tables 1 and 2.

Table 1: Significant Assay Results from the 2025 Drill Program

Notes

1. AgEq = Ag g/t x Ag Recovery + [(Au g/t x Au Rec x Au price/gram)+(Pb% x Pb rec. X Pb price/t) + (Zn% x Zn rec. X Zn price/t)]/Ag price/gram. Metal price assumptions are: $30.00/oz silver, $2400/oz gold, $1.00/lb lead, 1.35/lb zinc. Metallurgical recovery assumptions are 90% for silver, 50% for gold, 90% for lead, and 60% for zinc. Metallurgical recoveries used in this release are based on historical operational results on the Cusi project.
2. Reported intervals are downhole core lengths. True widths are estimated at ~65-90% based on vein orientation observed in drill core; however, actual true widths may vary with additional drilling. Rounding of decimals may result in minor differences in reported interval lengths.
3. Matulera is an exploration target to the Northwest of San Juan. It is an early-stage target that the company is still developing an understanding of.
4. Hole CU-25-36a was terminated due to exceeding the company's hole deviation tolerance standards and as agreed up with the drill contractor.

Table 2: Drill Collar Location

Notes

1. Hole azimuths and dips are based on average of surveyed intervals.

Quality Assurance/Quality Control and Sampling Procedures

All diamond drill core from the 2025 program at the Cusi Project was logged, photographed, and sawn in half using a diamond blade core saw. One half of the core was submitted for geochemical analysis, while the other half was retained in secure storage for reference. Sampling intervals were determined based on geological boundaries and typically ranged from 0.3- 1.5 metres. Control samples comprised approximately 18% of all samples submitted, including certified reference standards, analytical blanks, field duplicates, preparation duplicates and analytical duplicates. QA/QC results were reviewed in real time, and all data have been verified as meeting acceptable thresholds for accuracy, precision, and contamination before inclusion in this release.

Drill core and rock samples were sent to ALS Minerals for analysis with sample preparation in Chihuahua, Mexico and analysis in North Vancouver, British Columbia. Samples remained under Company custody until delivery to ALS; sealed bags were transported by Company personnel to ALS Chihuahua. The ALS Chihuahua and North Vancouver facilities are ISO/IEC 17025 certified. Samples are dried, weighed, and crushed to at least 70% passing 2mm, and a 250 g split is pulverized to at least 85% passing 75 μm (PREP-31). Silver and base metals are analyzed using a four-acid digestion and ICP-AES. Over-limit analyses for silver (>100 ppm), lead (>10,000 ppm), and zinc (>10,000 ppm) are re-assayed using an ore-grade four-acid digestion and ICP-AES (ME-OG62). Samples with over-limit silver assays > 1500 ppm are analyzed by 30-gram fire assay with a gravimetric finish (Ag-GRA21). Gold is assayed by 30-gram fire assay and AAS (Au-AA23)

Technical Disclosure

The scientific and technical information contained in this news release has been reviewed and approved by Nico Harvey, P.Eng., Vice President Project Development of Silverco, a Qualified Person as defined in National Instrument 43-101. Mr. Harvey is not independent of the Company. Mr. Harvey has reviewed the sampling, analytical and QA/QC data underlying the technical information disclosed herein.

No production decision has been made at Cusi. Any decision to restart operations will follow completion of the requisite technical, financial and permitting milestones.

About Silverco Mining Ltd.

The Company owns a 100% interest in the 11,665-hectare Cusi Project located in Chihuahua State, Mexico (the "Cusi Property"). It lies within the prolific Sierra Madre Occidental gold-silver belt. There is an existing 1,200 ton per day mill with tailings capacity at the Cusi Property.

The Cusi Property is a past-producing underground silver-lead-zinc-gold project approximately 135 kilometres west of Chihuahua City. The Cusi Property boasts excellent infrastructure, including paved highway access and connection to the national power grid.

The Cusi Property hosts multiple historical Ag-Au-Pb-Zn producing mines each developed along multiple vein structures. The Cusi Property hosts several significant exploration targets, including the extension of a newly identified downthrown mineralized geological block and additional potential through claim consolidation.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement and Forward-Looking Information

This news release contains "forward-looking statements" and "forward-looking information" (together, "forward-looking statements") within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or the Company's future performance and are generally identified by words such as "anticipate", "believe", "continue", "could", "estimate", "expect", "forecast", "goal", "intend", "may", "objective", "outlook", "plan", "potential", "priority", "schedule", "seek", "should", "target", "will", and similar expressions (including negative and grammatical variations).

Forward-looking statements in this release include, but are not limited to: the Company's interpretation of geological results at the Cusi Property; the significance of the intercepts; timing of the mineral resource estimate; the concept and potential extent of "down-thrown" or fault-displaced vein extensions and the continuity of mineralization at depth and along strike; the Company's plans, timing, scope and budgets for exploration, including the ongoing 2025 drill program (~15,000 metres), the use of results from 2024 and 2025 work to refine high-priority drill targets, and follow-up/underground drilling at Promontorio and San Juan; expectations regarding additional assay results from the 2025 program, estimates or expectations regarding true widths, AgEq calculations, metallurgical recoveries and comparability; the possible expansion and/or upgrading of mineral resources; statements regarding a potential restart of operations as early as next year, including any prerequisites and sequencing (technical studies, financing, permitting and approvals, construction/readiness activities); availability and terms of financing; the filing or availability of figures and additional technical information; and any other statements that express management's expectations or beliefs of future events or results.

These forward-looking statements are based on a number of assumptions that, while considered reasonable by the Company as of the date of this release, are inherently subject to significant business, technical, economic and competitive uncertainties and contingencies. Key assumptions include: the accuracy, representativeness and continuity of sampling and assay results; that drill hole orientation and modeling reasonably estimate true widths; that metallurgical recoveries used to calculate AgEq (90% Ag, 50% Au, 90% Pb, 60% Zn) are reasonable proxies based on historical operational data at Cusi; the availability of drill rigs, personnel and analytical laboratory capacity on expected timelines; timely receipt of permits and approvals necessary for planned work; access to surface rights and community support; no material adverse changes to general business, economic, market and political conditions; commodity price and foreign exchange assumptions; inflation and input costs remaining within expectations; and the Company's ability to secure additional financing on acceptable terms when required.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied. Such factors include, without limitation: exploration, development and operating risks (including drilling, sampling, assaying, interpretation and modeling uncertainties; variability of mineralization; representativity of samples; true-width estimation; metallurgical variability; water management; geotechnical and ground conditions); risks inherent in estimating or converting mineral resources; the absence of current mineral reserves at the Cusi Property; that AgEq is a reporting metric only and does not imply economic recoverability; permitting, licensing and regulatory risks in Mexico (including changes in mining, environmental, labour, water, land access and related regimes); community relations, social licence and stakeholder engagement risks; title, surface rights, access and environmental liability risks; health, safety and security risks; commodity price and FX volatility (silver, gold, lead, zinc; MXN/CAD/USD); cost inflation, supply-chain disruptions and contractor availability; political and macroeconomic instability; financing and liquidity risks (including the availability and terms of debt and/or equity); TSX Venture Exchange and other regulatory approvals; counterparty risks; limitations and uncertainties relating to historical data and third-party reports (including the risk that historical results cannot be verified to NI 43-101 standards); force majeure events; litigation and enforcement risks; and those additional risks set out in the Company's public disclosure filings available on SEDAR+ at www.sedarplus.ca.

Readers are cautioned not to place undue reliance on forward-looking statements. The purpose of forward-looking statements is to provide readers with information about management's current expectations and plans and may not be appropriate for other purposes. No assurance can be given that such statements will prove to be accurate; actual results and future events could differ materially. The Company undertakes no obligation to update or revise any forward-looking statements contained herein, except as required by applicable securities laws.

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