Southern Silver closes first tranche of LIFE placement

Vancouver, British Columbia--(Newsfile Corp. - June 15, 2026) - Southern Silver Exploration Corp.  (TSXV: SSV) ("Southern Silver" or the "Company") has closed the first tranche of its previously reported non-brokered private placement by issuing 4,000,181 common shares of the Company (the "Shares") at a price of $0.55 per Share for gross proceeds of $2,200,099.55 (the "Offering"). In accordance with National Instrument 45-106 - Prospectus Exemptions ("NI 45-106"), the 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 (the "Listed Issuer Financing Exemption") and sold in offshore jurisdictions. The Shares are immediately freely tradeable in accordance with applicable Canadian securities legislation.

There is an amended and restated offering document (the "Amended Offering Document") related to this Offering that can be accessed under the Company's profile at www.sedarplus.ca and on the Company's website at https://southernsilverexploration.com/ . In connection with the first tranche closing, the Company paid aggregate finders' fees of $132,005.97 and issued 240,010 non-transferable common share purchase warrants ("Finder Warrants"), with each Finder Warrant exercisable to purchase one Share at a price of $0.70 for a period of 36 months. The Finder Warrants and the Shares issuable upon the exercise of the Finder Warrants carry a legend restricting trading of the securities until October 13, 2026.

The closing of the Offering remains subject to the final approval of the TSX Venture Exchange. Proceeds of the Offering will be used for the advancement of the Cerro Las Minitas project as well as for working capital and general corporate purposes. Advancement of Cerro Las Minitas includes infill drilling of up to 12,500m in Phase 1 with the objective of upgrading the resource classification of a subset of near-surface, high-grade mineralization in the Puro Corazon target, which will allow greater optionality for potential development of the project.

Other work will include an update of the mineral resource estimate based on the most recent drilling at Puro Corazon, scheduled for Q2 2026 and the advancement of several engineering opportunities identified in the 2024 preliminary economic assessment ("PEA") of the project. As currently modelled, the Cerro Las Minitas project features a large-scale underground mining operation with robust project economics and high gross revenues in a well located and mining friendly jurisdiction. Recent drill testing of the Puro Corazon claim continues to demonstrate a potential for near-term resource growth, capital and mining efficiency gains in modelled mining scenarios and overall improvements in modelling of the project.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the Shares, nor was there any sale of the Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The Shares referred to in this news release will not be, and have not been, registered under the U.S. Securities Act and may not be offered or sold within the United States or to, or for the account or benefit of, a U.S. person, absent registration or any applicable exemption from registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. About Southern Silver Exploration Corp. Southern Silver Exploration Corp. is an exploration and development company with a focus on the discovery of mineral deposits either directly or through joint-venture relationships in mineral properties in major jurisdictions.