Mr. Lawrence Page reports

SOUTHERN SILVER ANNOUNCES CLOSING OF BOUGHT DEAL LIFE PRIVATE PLACEMENT FOR GROSS PROCEEDS OF C$6 MILLION

Southern Silver Exploration Corp. has closed its previously announced bought deal private placement for gross proceeds of $6-million, which includes the exercise in full of the overallotment option. Pursuant to the offering, the company sold 12 million common shares in the capital of the company at a price of 50 cents per common share. Red Cloud Securities Inc. acted as sole underwriter and bookrunner under the offering.

The company intends to use the net proceeds from the offering for the advancement of the Cerro Las Minitas project, located in the state of Durango, Mexico, as well as for working capital and general corporate purposes, as is more fully described in the offering document (as defined herein).

In accordance with National Instrument 45-106, Prospectus Exemptions, the common shares were sold to Canadian purchasers 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, and sold in offshore jurisdictions and in the United States by way of private placement pursuant to the exemptions from the registration requirements provided for under the United States Securities Act of 1933, as amended. The common shares are immediately freely tradeable in accordance with applicable Canadian securities legislation if sold to purchasers resident in Canada.

As consideration for their services, Red Cloud received aggregate cash fees of $346,800 and 693,600 non-transferable common share purchase warrants. In addition, the company has paid finders' fees of $5,400 and issued 10,800 non-transferable common share purchase warrants to certain finders in consideration for introducing subscribers under a president's list. Each broker warrant and finder's warrant is exercisable into one common share at the offering price at any time on or before Dec. 16, 2028. The broker warrants, finders' warrants and the common shares issuable upon the exercise of the broker warrants and finders' warrants are subject to a hold period in accordance with applicable Canadian securities law, expiring four months and one day following the issue date, being April 17, 2026.

There is an offering document related to the offering that can be accessed under the company's profile on SEDAR+ and on the company's website.

The closing of the offering remains subject to the final approval of the TSX Venture Exchange.

About Southern Silver Exploration Corp.

Southern Silver Exploration is an exploration and development company with a focus on the discovery of world-class mineral deposits either directly or through joint venture relationships in mineral properties in major jurisdictions. The company's specific emphasis is 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 its 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 newly acquired Nazas property. The company's property portfolio also includes the Oro porphyry copper-gold project and the Hermanas gold-silver vein project where permitting applications for the conduct of a drill program is under way, both located in southern New Mexico.

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