Mr. Mark Ayranto reports

SILVERCO MOBILIZES UNDERGROUND MINING CONTRACTORS AT CUSI PROPERTY

Underground contractors have begun mobilization at Silverco Mining Ltd.'s 100-per-cent-owned Cusi property in Chihuahua, Mexico.

Silverco has engaged Mafrissa Transportes y Maquinaria S.A. de C.V. and Rencer Servicio a la Mineria S.A. de C.V. to provide development and production mining activities.

Mark Ayranto, chief executive officer of Silverco, commented:

"Mobilization of contractors is an important milestone in our Cusi restart plan. The two contractors now active at Cusi are well established and experienced local firms with extensive underground mining experience. With this work and the mill rehabilitation work under way, we remain on schedule to produce first concentrate in Q4 2026 and exit 2026 with two producing silver mines in Mexico. We look forward to providing additional updates from both Cusi and La Negra over the coming weeks with significant catalysts expected through H2 2026 relating to restart and productivity improvement activities at Cusi and La Negra, respectively, and sizable exploration programs at both projects."

Underground development will begin at Cusi's two primary mining zones, managed separately by each contractor, Promontorio and San Miguel, with first ore from promontorio expected in late Q3 2026. Promontorio was mined as recently as 2023 and has been completely dewatered and rehabilitated by Silverco with underground drilling now active and having recently intersected new mineralization within the footprint of planned mine development. San Miguel is one of the most prospective zones at Cusi, but has not seen modern mining, and as such a new portal and ramp will be developed, with first ore from this zone expected to ramp up over H1 2027.

Mafrissa is a Chihuahua-based mining contractor that focuses on underground development, mining support services, heavy equipment rental and material haulage, and has been contracted by numerous large-scale mining operations in Mexico. Mafrissa is headquartered in Cuauhtemoc, less than 20 kilometres from the Cusi property.

Rencer is a local mining contractor based in Cuauhtemoc who was previously contracted at Cusi, allowing for a strong understanding of the mine.

Planned Cusi restart

As outlined in an April 13, 2026, news release, the Cusi project offers compelling economics based on the results from the 2026 PEA (preliminary economic assessment), which outlined a project with average annual silver equivalent production of approximately 2.5 Moz (million ounces) at site all-in-sustaining costs of $26.75 (U.S.)/ounce payable AgEq (silver equivalent) from 2028 to 2032, once fully ramped up. At an average base case silver price of $44.58 (U.S.)/oz, the after-tax NPV (net present value) of Cusi is $104.1-million (U.S.) with an IRR (internal rate of return) of 94.8 per cent and a payback period of 0.9 year, and at $75.00 (U.S.)/oz, the after-tax NPV is $312.2-million (U.S.) with an IRR of 186.9 per cent and a payback period of 0.5 year. With 90 per cent of the revenue generated from silver and low upfront capital of $19.2-million (U.S.), Cusi represents a unique opportunity in the silver industry and for Silverco to advance its vision of becoming a 10-million-ounce-per-year silver equivalent producer within three years.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Nico Harvey, PEng, 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 technical information disclosed herein.

About Silverco Mining Ltd.

Silverco Mining is a Canadian silver producer focused on building a leading multiasset silver portfolio in Mexico. The company owns 100 per cent of the producing La Negra mine in Queretaro and the past-producing Cusi mining complex in Chihuahua, two established underground mining operations with significant infrastructure, exploration upside and district-scale land positions. The company is restarting Cusi in H2 2026, positioning Silverco to become a significant primary silver producer in the Americas in the near term.

Led by an experienced management team with a proven record in mine development, operations and capital markets, Silverco is focused on creating long-term shareholder value through disciplined growth and responsible mining practices, with a goal of becoming a 10-million-ounce-per-year silver equivalent producer within three years. Silverco's common shares trade on the TSX Venture Exchange under the symbol SICO and on the OTCQB under the symbol SICOF.

We seek Safe Harbor.