Mr. Jan Alston reports

CMX'S CLAYTON GEOPHYSICAL PROGRAM PROGRESS

CMX Gold & Silver Corp. has made substantial progress on the company's inaugural exploration program covering its 100-per-cent-owned Clayton silver project in Idaho. The combined extensive 3-D IP (induced polarization) and MT (magnetotelluric) geophysical surveys conducted by DIAS Geophysical are estimated to be about two-thirds complete over the company's patented and unpatented mining claims. Early December, 2026, is the new timeline for CMX to receive the comprehensive results for the two surveys.

Jan Alston, chief executive officer of CMX, stated: "In the absence of historic geophysical work or systematic exploration drilling that would have suggested potential beyond the old Clayton silver mine workings, the geophysics will provide the first model of the underground system of mineralization. We are excited about the application of modern geophysics, which we expect will identify quality subsurface drill targets on newly identified veins within the mineralized system and extend the existing vein that is open to depth and to the north."

Rick Walker, CMX's vice-president, exploration, added: "Our visit to the property in the third week of September provided us with an appreciation of the dedication and hard work of the DIAS field team in a challenging mountain environment. Their rigorous approach ensures the incoming data quality is as good as possible. Preliminary results appear to support this expectation."

Mr. Walker further stated: "We are seeing preliminary evidence of a potentially much broader mineralized system that could be comprised of numerous veins and/or lenses within a network of fault-controlled veins. This would be consistent with a carbonate replacement deposit model. Once interpretation of the final geophysical data is completed, CMX will start its diamond drilling program to begin testing high-quality targets. Our goal is to be drilling on the property in early 2027."

CMX is continuing its financing through a non-brokered private placement of 25-cent units, each comprising one share and one share purchase warrant, exercisable at 40 cents per share for two years from closing. Accredited investors and other exempt parties can acquire units pursuant to exemptions from prospectus requirements under Canadian securities laws. All securities issued under the private placement are subject to a statutory hold period expiring four months and one day after the closing date, as set out in National Instrument 45-102, Resale of Securities. The offering is subject to the approval of the Canadian Securities Exchange.

The Clayton silver property

The Clayton silver project is CMX's 100-per-cent-owned flagship asset, located in the Bayhorse mining district of central Idaho, approximately 30 to 40 kilometres south-southwest of Challis. The property comprises a 1,028-acre land package, including 29 patented mining claims and two patented mill sites (approximately 562 acres) and 20 unpatented claims (approximately 466 acres). The patented claims provide surface ownership rights, carry no government royalties and do not require drilling permits.

The comprehensive geophysical program covers the historical mine and surrounding structures, comprising a 3-D IP survey and an MT survey. These surveys are intended to delineate known and identify new vein structures, identify extensions of partially mined ore bodies and evaluate deeper potential sources of mineralization, with follow-up diamond drilling planned to test priority targets.

The Clayton silver mine operated from 1935 to 1986 and was one of the most active underground mines in the district. Recorded production totalled approximately seven million ounces of silver, together with lead, zinc, copper and minor gold, from an estimated 2.15 million tonnes of ore. Underground development reached eight levels to a shallow depth of 1,100 feet, with nearly 19,700 feet of workings, and partially mined two tabular ore bodies known as the south and north ore bodies (Bob Hillman, MS thesis, June 26, 1986, Eastern Washington University). Mine records and historical drilling indicate that mineralization remains open to depth and along strike. Notably, drill hole 1501-A intersected 22 feet (true width not known) of high-grade polymetallic mineralization at approximately 1,425 feet, confirming continuity below the deepest historical workings. CMX has noted the lack of exploration conducted during the mine's operating life.

Technical and scientific information in this news release was reviewed and approved by Richard Walker, MSc (geology), PGeo, vice-president, exploration, of CMX, who is recognized as a qualified person under the guidelines of National Instrument 43-101. Readers are cautioned that historical information referenced in this news release is not National Instrument 43-101 compliant but has been obtained from sources that the company believes are reliable.

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