Mr. Brandon Rook reports

SILVER VALLEY METALS PROVIDES CORPORATE UPDATE

Silver Valley Metals Corp. has provided a corporate update for both of its high-priority projects: the MexiCan lithium-potassium (sulphate of potash) project and the Ranger-Page silver-zinc-lead project in the Silver Valley.

MexiCan project

As previously announced May 10, 2023, Silver Valley entered discussions with LitioMX, (the national lithium company of Mexico), with the goal of these discussions to ultimately formalize a partnership agreement to explore and produce lithium in Mexico. Silver Valley maintains its 100-per-cent ownership of the potassium sulphate (sulphate of potash or SOP) component of the dual-commodity MexiCan lithium-potassium project.

Discussions are active and advancing with LitioMX, and near-term plans are in place to come together to potentially finalize a partnership agreement. The company will update shareholders when and if there is material news to report.

Highlights of the project include:

1. Significant grades of lithium, potassium sulphate and boron are located on surface in unconsolidated sediments -- the unique character of the project may contribute positively to future sustainable and cost-effective extraction methods due to its unique sediment makeup.
2. The brine potential has not been tested to date -- the company has reported highly elevated levels of potassium in water in perforated PVC columns emplaced in the salars, where recharge of the water is measured and the mineral content of the water is measured -- potassium in water readings averaged 13,000 milligrams per litre (mg/L) with measurements up to 27,000 mg/L -- these results are indicative that the potassium in the sediments is liberating itself, which may be an indicator of potassium in the brine at depth or minimally, the separation of potassium from the sediments.
3. Deep basin large aquifer brine potential defined by regional geophysics surveys, remains to be tested.
4. The inferred resource has been tested from surface to an average five metres depth -- the company anticipates the sediment basin could range from 40 metres to greater than 100 metres depth, so the prospect of expanding the sediment resource at depth is substantial.
5. 12.3 million tonnes of potassium sulphate and 243,000 tonnes of lithium carbonate equivalent (LCE) defined thus far -- contemplating today's spot prices, the in situ value in the first five metres of the deposit(s) is already significant.
6. On the ground community support -- the team in Mexico has continued exemplary work from inception through to the present day, notwithstanding the times the project has been delayed for circumstances out of the company's control. The importance of the community supporting the company's project cannot be overstated.
7. Excellent infrastructure in place, including abundance of skilled labour, an international airport, modern highways, railways and sufficient power.

Ranger-Page project

Exploration at the Ranger-Page project has been active throughout the summer, with a 24-hour-per-day project-wide trenching program targeting numerous prospective areas at the project, which were defined from its inaugural 2022 exploration program. More than three kilometres were trenched, including new road building for drilling access and drill platform preparations. The trenching program was recently concluded for the year.

Field mapping, geochemical assaying, further groundwork and geological modelling are continuing to define and refine drill targets. Further news will be released as the company receives and compiles the data. The company anticipates several high-priority drill-ready targets to be prioritized in the coming month.

Recently, Silver Valley released first results from the summer trenching program at the Crown Point mine area of the project, which was a discovery of two significant vein structures on surface, extending the Crown Point mine along strike to the west.

See the June 28, 2023, press release.

Highlights of the discovery are:

• Crown Point mineralization discovered at surface extending historic Crown Point mine 220 metres to the west.
• Discovery located 1,000 metres west from the Bunker Hill mine.
• The Crown Point structural zone discovery defined up to 16 metres wide.
• Within the structural zone, an east-west-trending mineralized vein structure up to 2.5 metres wide and steeply dipping south identified.
• A second north-trending mineralized vein structure identified within the structural zone, measuring up to 2.87 metres wide and steeply dipping to the southeast.
• Discovery on surface is approximately 75 metres up dip from the depth of the historic Crown Point mine.
• The structural orientations are typical of the Coeur d'Alene mining district, and are consistent with the geologic modelling, mapping and ground IP (induced polarization) results conducted by the company.

Qualified person

Timothy Mosey, BSc, MSc, SME, is the qualified person for the company and qualified person as defined by National Instrument 43-101.

Martin Pittuck, CEng, MIMMM, FGS, is responsible for the mineral resource statement and is an independent qualified person, as such term is defined in National Instrument 43-101.

MexiCan lithium-potassium (sulphate of potash) project

Silver Valley Metals owns a 100-per-cent interest in a lithium-and-potassium-bearing salar complex comprising 4,056 hectares on three mineral concessions located on the Central Mexican Plateau in the states of Zacatecas and San Luis Potosi, Mexico. The National Instrument 43-101 inferred mineral resource contains 12.3 million tonnes of sulphate of potash and 243,000 tonnes of lithium carbonate equivalent, and remains open in all directions for expansion.

Ranger-Page project

The Ranger-Page project is in the Silver Valley, northern Idaho, United States, 60 kilometres east of Coeur d'Alene and one kilometre from the I-90 freeway. In 2020, Idaho was ranked the first in the world in policy perception and ninth-best mining jurisdiction (Fraser Institute Annual Mining Survey). The project borders the famous Bunker Hill mine to the east and for the first time consolidates the western extent of the prolific Silver Valley mining corridor by one operator in the past 100-plus years.

The project comprises six historical mines on patented claims, without royalties. The largest of these, the Page mine, was a top-10 producer in the Silver Valley, yielding over 1.1 billion pounds of zinc and lead, and 14.6 million ounces of silver. The Page mine has high-grade silver-zinc-lead historic reserves, and remains open at depth and along strike beyond what has been identified to date.

Historical mining on the properties have shared underground infrastructure from the larger Page mine to the Blackhawk mine. The company has underground mining data and surface geological data that supports high-grade silver-zinc-lead mineralization present within the shallow, undeveloped mines. These mines remain open at depth and laterally along strike.

Exploration potential beyond the historic mines is considered significant, as modern systematic exploration is being applied to the project for the first time.

About Silver Valley Metals Corp.

Silver Valley Metals is a Canadian exploration company comprising a group of experienced exploration, mining and financing specialists focused on the pursuit of mineral discovery and development. The company is focused on the advancement of strategic and precious mineral properties, including lithium-potash in Mexico and silver-zinc-lead in northern Idaho, United States.

We seek Safe Harbor.