Mr. Lawrence Page reports

SOUTHERN SILVER ANNOUNCES NON-BROKERED LIFE PRIVATE PLACEMENT FOR GROSS PROCEEDS OF UP TO C$4.0 MILLION

Southern Silver Exploration Corp. has proposed to undertake a non-brokered private placement consisting of up to 6,666,666 common shares of the company at a price of 60 cents for gross proceeds of up to $3,999,999.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 -- Prospectus Exemptions, the shares will be offered for sale to purchasers resident in the provinces of British Columbia, Alberta, Manitoba, Saskatchewan and Ontario pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 -- Exemptions from Certain Conditions of the Listed Issuer Financing Exemption. The shares are expected to be immediately freely tradeable in accordance with applicable Canadian securities legislation if sold to purchasers resident in Canada.

There is an offering document related to this offering that can be accessed under the company's profile at SEDAR+ and on the company's website. Prospective investors should read the offering document before making an investment decision. The offering is scheduled to close on or about June 5, 2026, or such other date as the company determines.

The company may pay finders' fees comprising cash and non-transferable warrants in connection with the offering, subject to compliance with the policies of the TSX Venture Exchange. Completion of the offering and the payment of any finders' fees are subject to the approval of the TSX Venture Exchange.

Proceeds of the offering will be used for the advancement of the Cerro Las Minitas project as well as for working capital and general corporate purposes. Advancement of Cerro Las Minitas includes infill drilling of up to 12,500 metres in phase 1 with the objective of upgrading the resource classification of a subset of near-surface, high-grade mineralization in the Puro Corazon target, which will allow greater optionality for potential development of the project. Other work will include an update of the mineral resource estimate based on the most recent drilling at Puro Corazon, scheduled for Q2 2026 and the advancement of several engineering opportunities identified in the 2024 preliminary economic assessment (PEA) of the project.

As currently modelled, the Cerro Las Minitas project features a large-scale underground mining operation with robust project economics and high gross revenues in a well-located and mining-friendly jurisdiction. Recent drill testing of the Puro Corazon claim continues to demonstrate a potential for near-term resource growth, capital, and mining efficiency gains in modelled mining scenarios and overall improvements in modelling of the project.

About Southern Silver Exploration Corp.

Southern Silver Exploration is an exploration and development company with a focus on the discovery of mineral deposits either directly or through joint venture relationships in mineral properties in major jurisdictions. The company's specific emphasis is developing 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. The company has assembled a team of highly experienced technical, operational and transactional professionals to support the company's 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 Nazas, gold-silver property. The company's property portfolio also includes the Oro porphyry copper-gold project and the Hermanas gold-silver vein project. Drill permits for the Hermanas project have been received and work is pending finalization of a work program and drill availability, both located in southern New Mexico, United States.

Robert Macdonald, MSc, PGeo, is a qualified person as defined by National Instrument 43-101 and supervised directly the collection of the data from the Cerro Las Minitas project that is reported in this disclosure and is responsible for the presentation of the technical information in this disclosure.

We seek Safe Harbor.