Mr. Lawrence Page reports

SOUTHERN SILVER PROVIDES CORPORATE UPDATE

All resolutions as set out in Southern Silver Exploration Corp.'s notice of meeting and information circular were passed by the requisite majority of shareholders at its annual general meeting held on Oct. 23, 2025. The shareholders reappointed Smythe LLP, chartered professional accountants, as auditor of Southern Silver and approved Southern Silver's rolling incentive stock option plan pursuant to which a maximum of 10 per cent of the issued shares will be reserved for issuance under the plan. The plan is subject to TSX Venture Exchange acceptance.

Directors and officers

The following incumbent directors were re-elected: Lawrence Page, KC, D. Roger Scammell, Nigel Bunting, Peter Cheesbrough, Gina Jones and Russell Ball. Following the annual general meeting, the board of directors reappointed Mr. Page as president, Robert Macdonald as vice-president, exploration, Jay Oness as vice-president, corporate development, Killian Ruby as chief financial officer and Arie Page as corporate secretary.

New director

Subsequent to the annual general meeting, the directors appointed Ramon Davila to the board of directors.

Mr. Davila is a graduate of the mining school at the University of Guanajuato School of Mines, where he obtained a degree in mining and metallurgical engineering. After graduating in 1975, he went on to establish an extraordinary career, focused exclusively within Mexico, that cemented his reputation as a notable mine builder, an accomplished public servant and an influential advocate for the mining industry.

Mr. Davila started his career with Industrias Penoles SA de CV, where he spent 11 years with the then pre-eminent silver mining firm in Mexico. His work at Penoles exemplified a career where he has helped to expand some of the world's largest silver producers into the international industry leaders they are today. From 1994 to 1998, Mr. Davila was the chairman and chief executive officer of Minas La Colorada SA, where he developed La Colorada mine and then sold it to Pan American Silver Corp. The mine remains the largest silver producer within Pan American Silver's portfolio. Following the sale of the Colorada mine, from 1998 to 2003, Mr. Davila was responsible for all Mexican operations for Pan American Silver. From 2004 to 2014, Mr. Davila was chief operating officer and a member of the board of directors of First Majestic Silver Corp. During a 10-year period, he led a team that created five new silver mining operations in Mexico, which transformed a new company with no producing assets and just a few employees into Mexico's second-largest silver producer, with over 12 million ounces of silver equivalent production per year and more than 4,000 employees. The rapid rise of First Majestic, under the guidance of Mr. Davila, is one of the most notable success stories within the precious metal space.

As the Minister of Economic Development for the State of Durango, Mexico, a post he held from 2016 to 2020, Mr. Davila helped advance many resource projects over his four-year term and, in the process, dramatically improved upon the state's financial situation.

In connection with this appointment, Southern Silver has granted Mr. Davila one million incentive stock options at an exercise price of 36 cents per share exercisable for a period of five years. The stock options are subject to the terms and conditions of Southern Silver's stock option plan and the policies of the TSX Venture Exchange.

About Southern Silver Exploration Corp.

Southern Silver is an exploration and development company with a focus on the discovery of world-class mineral deposits either directly or through joint venture relationships in mineral properties in major jurisdictions. Its specific emphasis is the 100-per-cent-owned Cerro Las Minitas silver-lead-zinc project located in the heart of Mexico's Faja de Plata, which hosts multiple world-class mineral deposits such as Penasquito, Los Gatos, San Martin, Naica and Pitarrilla. It has assembled a team of highly experienced technical, operational and transactional professionals to support its exploration efforts in developing the Cerro Las Minitas project into a premier, high-grade, silver-lead-zinc mine. Located in the same state as the Cerro Las Minitas property is the newly acquired Nazas property. Its property portfolio also includes the Oro porphyry copper-gold project and the Hermanas gold-silver vein project where permitting applications for the conducting of a drill program are under way, both located in southern New Mexico, United States.

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