Mr. Mark Ayranto reports

SILVERCO PROVIDES UPDATE ON NUEVO SILVER

Silverco Mining Ltd. has provided further information in connection with the previously announced transaction pursuant to the binding letter with Nuevo Silver Inc.

Nuevo Silver has advised the company that Nuevo Silver's purchase of the La Negra mine in Queretaro Mexico has been completed.

As previously announced on Jan. 20, 2026, Silverco is proposing to acquire Nuevo Silver, which had entered into a share purchase agreement (SPA) effective Jan. 18, 2026, to acquire 100 per cent of the La Negra mine in Queretaro, Mexico, which is a producing silver mine.

Silverco and Nuevo Silver will continue their process toward negotiation of a definitive agreement, as well as satisfying and obtaining all other necessary conditions and approvals as previously disclosed, including completion by Silverco of due diligence and its assessment of the potential benefits to Silverco of the acquisition of Nuevo Silver, Silverco board approval and conditional approval of the TSX Venture Exchange.

About Silverco Mining Ltd.

The company owns a 100-per-cent interest in the 11,665-hectare Cusi project, located in Chihuahua state, Mexico. 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 silver-gold-lead-zinc-producing (Ag-Au-Pb-Zn) 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.

We seek Safe Harbor.