#1Developing the Cerro Las Minitas Project into the Next Major Silver Mine in Mexico SouthernSilver EXPLORATION CORP Corporate Presentation January, 2024 SSV: TSX-V SSVFF: OTCQX#2Forward Looking Statements and Technical Disclosure SouthernSilver EXPLORATION CORP Some of the statements contained in this presentation may be deemed "forward-looking statements." These include estimates and statements that describe the Company's future plans, objectives or goals, and expectations of a stated condition or occurrence. Forward-looking statements may be identified by the use of words such as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, reclamation, capital costs, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as but not limited to; changes in general economic conditions and conditions in the financial markets; changes in demand and prices for the minerals the Company expects to produce; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the Company's activities; and changing foreign exchange rates and other matters discussed in this presentation. Persons should not place undue reliance on the Company's forward-looking statements. Further information regarding these and other factors, which may cause results to differ materially from those projected in forward-looking statements, are included in the filings by the Company with securities regulatory authorities. The Company does not assume any obligation to update or revise any forward looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws, whether as a result of new information, future events or otherwise. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this presentation, that has been prepared by management. The scientific and technical content of this disclosure was reviewed and approved by Robert Macdonald, MSc. P.Geo, VP. Exploration, and is a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. www.southernsilverexploration.com 2 All mineral resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum (CIM) definitions, as required under N143-101. Mineral resources reported demonstrate reasonable prospect of eventual economic extraction, as required under N143-101. Mineral resources are not mineral reserves and do not have demonstrated economic viability. The mineral resources may be materially affected by environmental, permitting, legal, marketing, and other relevant issues. The PEA is preliminary in nature, it may include mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve. It is reasonably expected that most of the inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. All-in Sustaining cost (AISC) is calculated as: Operating costs (mining, processing and G&A) + Incremental PTUS + Concentrate Transportation + Treatment & Refining Charges + Penalties + Sustaining Capital + Closure Costs + Silver Revenue Royalty and is reported on using a per tonne mined, AgEq plant feed, AgEq recovered for sale, and AgEq payable basis PEA work completed by: Kirkham Geosciences Ltd. (KGL): mineral resource estimate from Oct, 27, 2021; Entech Mining Limited (Entech): mine design and mine OpEx and capital; M3 Engineering & Technology Corp. (M3): process flowsheet, mine site design and surface OpEx, CapEx and discounted cash-flow model Metallurgical Process Consultants Limited (MPC): metallurgy and process flowsheet TSX-V: SSV OTCQX: SSVFF#3SouthernSilver EXPLORATION CORP Investment Highlights Focused on developing the Cerro Las Minitas (CLM) Ag-Cu-Pb-Zn project located in Durango, Mexico 600g- 999.0 SILVER One of the Largest and Highest Grade Undeveloped Silver Projects in the World New Mineral Resource Update Ind: 140Moz AgEq at 349g/t AgEq¹ Inf: 210M oz AgEq at 311g/t AgEq¹ Well-established silver mining district in Durango, Mexico near several major mining companies 50918 PEA Highlights Corporate Highlights 15yr Life-of-Mine Robust Project Economics Leveraged to Silver and Zinc High Revenues/Free Cash-flow 100% ownership and control of the CLM Project Treasury to continue ESG initiatives, permitting, drilling, engineering and other Corporate objectives • Company Catalysts (pending News Flow) Updated PEA Q1'24 Further Drilling CLM Project New targeting developed at Oro Cu-Mo project, NM • Permitting for 2024 drilling- Hermanas Au-Ag Project, NM 1. Parameters for the NI 43-101 Compliant Mineral Resource Estimate are described on Slide 11 and in the SSV News Release, dated Mar 22nd, 2023 www.southernsilverexploration.com 3 TSX-V: SSV OTCQX: SSVFF#4Cerro Las Minitas One of the Largest and Highest Grade Undeveloped Silver Assets in the World 2023 Mineral Resource Estimate (as of March 22nd, 2023 using a $60NSR/t cut-off)¹; Indicated - 140Moz AgEq 42.7Moz Ag, 446Mlb Cu, 364Mlb Pb and 903 Mlb Zn Inferred - 210Moz AgEq: 80Moz Ag, 101Mlb Cu, 571Mlb Pb and 1,029Mlb Zn 5 SouthernSilver EXPLORATION CORP Grade (g/t Ag.Eq) 1,300.0 Revenue-Virginius (TSXV AUN) 1,200.0 Las Chispas (TSX:SIL) 1,100.0 1,000.0 900.0 800.0 Virginia (CNSX:SAND) 700.0 600.0 500.0 400.0 300.0 200.0 100.0 Kitsault Valley Project (TSXV :DV) Bunker Hill (OTCPK:BHLL) Cachinal (OTCPK:AAGF.F) Silver Cliff (TSXV:VML) Cerro Las Minitas (TSXV:SSV) La Cigarra (TSXV KTN) El Tigre (TSXV:SLVR) Diablillos (TSXV ABRA) Bubble Size: Total Resource (AgEq)(2) 800 Moz 400 Moz 200 Moz Bowdens (ASX:SVL) Sierra Mojada (otcpk:SVBL) Ixtaca (TSX:AMM) Tepal (TSXV:DEF) Pulacayo-Paca (TSX:ELEF) 50.0 100.0 150.0 200.0 250.0 Tonnage (Mt) 1. Parameters for the NI 43-101 Compliant Mineral Resource Estimate are described on Slide 11 and in the SSV News Release, dated Mar 22nd, 2023 www.southernsilverexploration.com 300.0 Notes: 1. Parameters for the NI 43-101 Compliant Mineral Resource Estimate are described on Slide 11 and in the SSV News Release, dated Mar 22nd, 2023 Notes for chart • Data as of September 8, 2022 Prices Used (US$): Gold - $1,708/oz, Silver - $18.59/oz, Copper - $7811/MT, Iron - $98/dMT, Lead - $1,881/MT, Zinc $3,128/MT - Discovery Silver's Cordero Mine removed from output. Total tonnage of 782 Mt, grade of 44.1 g/t Ag.Eq Applies to primary asset only (100% basis) TSX-V: SSV OTCQX: SSVFF#5Capital Markets Profile Capital Structure Ticker TSX-V:SSV Share Price (Jan. 8, 2024) C$0.155 Current Shares Outstanding Options Warrants 292M 24.5M¹ 51.2M² Cash & Cash Equivalents Enterprise Value (basic) Fully Diluted Shares Outstanding Market Capitalization (basic) 367M C$45M C$2.0M C$54.4M EV/Oz AgEq C$0.16 P/NAV 0.13x Top Shareholders Electrum Global Holdings 25% Institutional (as of July 30, 2021) 12% Management & Directors 2.3% 1. Includes 28.3M options outstanding with a weighted average exercise price of C$0.37/share and a weighted average remaining term of 3.8 years 2. Includes 59.9M warrants outstanding with a weighted average exercise price of C$0.42/share and a weighted average remaining term of 1.8 years 3. Includes 6.0MM finder's warrants outstanding with a weighted average exercise price of C$0.34/share and a weighted average remaining term of 1.7 years www.southernsilverexploration.com Share Price (C$) $0.45 $0.40 $0.35 $0.30 $0.25 $0.20 $0.15 $0.10 $0.05 S SouthernSilver EXPLORATION CORP Share Price and Volume (Last 24 Months) Volume -Price 0 0.5 2.5 Volume (millions) Dec-21 Jan - 22 Feb-22 Mar - 22 Apr - 22 May - 22 Jun-22 GoldSilver.com/SilverChartist - Jeff Clark Red Cloud Securities Date Mar-23-2023 Reccomendation (C$) Fundamental Research Apr-11-2023 Buy ($0.90) Buy ($0.54) Newsletter Coverage Caesars Report - Thibaut Lepouttre Silver Stock Investor - Peter Krauth Analyst Coverage Timothy Lee - Red Cloud Securities Ltd. Siddharth Rajeev - Fundamental Research Corp. Recent Ratings Jul-22 Aug - 22 Sep-22 www. Oct-22 Nov-22 Dec-22 Jan - 23 Feb-23 Mar - 23 Apr - 23 May - 23 Jul - 23 Jun-23 Aug - 23 Sep-23 Oct-23 Nov-23 *Dec-23 TSX-V: SSV OTCQX: SSVFF 5#6Management Team and Board Experienced Mine Finders with a History of Success in Mexico Lawrence Page (LL.B, KC) President, Director Rob MacDonald (MSc, PGeo) VP, Exploration Killian Ruby (CPA, CA, B. Sc.) Chief Financial Officer Arie Page Corporate Secretary Russell Ball (CA, CPA) Director Peter Cheesbrough (CA) Director Gina Jones (CPA, CA, CF, ICD.D) Director Eugene Spiering (PGeo) Director Roger Scammell (BSc, PGeo) Director Nigel Bunting Director • Director and Officer of a number of public prominent exploration and mining companies • Major Projects and Mines involvement: Penasquito, Mexico; Hemlo and Eskay Creek, Canada . President and CEO of Malaspina Consultants & Manex Resource Group SouthernSilver EXPLORATION CORP • • . • VP of Geological Services for the Manex Resource Group of Companies and Exploration Manager for several publicly listed companies Overseen the exploration of many projects throughout North America including the discovery and delineation of the Homestake Ridge high-grade 1.2M oz Au-Ag deposit in northern British Columbia Served as an Assurance Partner at Wolrige Mahon LLP and served as Served as Senior Manager of KPMG LLP Currently serves as corporate secretary to several public resource companies in the minerals sector including Bravada Gold Corporation, Pacific Ridge Exploration Ltd., Southern Silver Exploration Corp. and Valterra Resource Corporation. Managing Director of QDBS Resources Inc. and former CEO, Director and Exec. Chairman of Calibre Mining Corp Former EVP and CFO of Goldcorp Inc as well as varying capacities with Newmont Mining Corp President, Exploration Division, Electrum Group Served as CFO, Echo Bay Mines Currently serves as CFO, CCO PenderFund Capital Management Ltd., Served as CFO for two Vancouver Investment Dealers and CFO, COO for an independent Vancouver brokerage firm. Served as VP Exploration of Quaterra Resources Inc. and Rio Narcea Gold Mines . Major Projects and Mines Involvement: El Valle and Aguablanca, Spain Served as President Scorpio Mining Corporation and VP Exploration of Tamaka Gold Corporation Major Projects and Mines involvement: San Nicolas, El Limon and Nuestra Senora, Mexico • Served as director Suffolk Life Pensions Ltd www.southernsilverexploration.com 6 TSX-V: SSV OTCQX: SSVFF#7Project Portfolio District Scale Exploration & Development - Cerro Las Minitas, Durango, Mexico – Flagship 100% owned Silver-enriched Skarn/CRD deposits +US$35M spent on acquisition and exploration since 2011 UPDATED RESOURCES and GOLD METALLURGY Further Upside on both Exploration and Engineering basis Oro Project, New Mexico 100%-owned • Large Laramide Cu-Au-Mo porphyry system with an adjacent near surface gold target New targeting developed based on recent drill results Hermanas Project, New Mexico Option to 100% own Large early stage Au-Ag epithermal vein system www.southernsilverexploration.com 7 Bagdad Arizona Phoenix Morenci Resolution ORO Tucson Sierrita 5 SouthernSilver EXPLORATION CORP AZ Copper Deposits Bismark Cananea New Mexico Santa Rita Hermanas El Paso Texas Faja de Plata Chihuahua Hermosillo Sonara Chihuahua Santa Eulalia Naica Coahuila Major Cu-Mo Deposits Major Ag-rich CRD/Skarn Deposits Parral Durango Pitarilla CERRO LAS MINITAS Mazatlan Durango San Martin Velardena Penasquito Zacatecas Fresnillo Jalisco Mexico City TSX-V: SSV OTCQX: SSVFF#8Cerro Las Minitas Infrastructure and Access Well Located in an Active Exploration and Development Jurisdiction with Superior Infrastructure 5 SouthernSilver EXPLORATION CORP Knowledgeable and Supportive Local Community CLAIM BOUNDARY EL DURAZNO AREA OF THE CERRO IGNACIO RAMIREZ PROCESS PLANT ELECTRICAL LINE to Durango TOLL HIGHWAY JUAN ALDAMA GENERAL SITE PLAN ACCESS ROAD TRANSMISSION LINE GUADALUPE VICTORIA MEX 400 Faja de Plata CERRO LAS MINITAS ALVARO OBREGON MEX 40 FEDERAL HIGHWAY FFCC PRELIMINARY Zacotecas ACCORDING TO OVE D SouthernSilver Coahuila . Safe jurisdiction, around non-narcotic related agriculture Located 70km NE of Durango (pop. ~650,000) ⚫ The property is transected by infrastructure including two federal . highways, a railway line and transmission lines Property is accessed via the town of Guadalupe Victoria (pop: ~35,000) located just 6km to the south www.southernsilverexploration.com 8 . • Exploration permits in place . Social license initiatives: exploration access agreements in place with the local Ejido; • Exploration/development team is embedded in the community with a local workforce TSX-V: SSV OTCQX: SSVFF#9Cerro Las Minitas Looking North from the Autopista (Highway) Blind Zone/El Sol Zone/Las Victorias Zone (Mineral Resource) Skarn Front Zone (Mineral Resource) South Skarn (New Mineral Resource) 5 SouthernSilver EXPLORATION CORP Mina La Bocona Extension (New Mineral resource) www.southernsilverexploration.com 9 TSX-V: SSV OTCQX: SSVFF#10Cerro Las Minitas Site Geology and Deposit Distribution A classic Ag-Pb-Zn CRD/Skarn system similar to major polymetallic Mexican deposits 2,712,000 2,711,500 2,711,000 SKARN FRONT DEPOSIT 587,500 BLIND-EL SOL DEPOSITS Geology Legend И Shaft Monzonite/Quartz Monzonite Geological Contact Aplite Inferred Geological Contact Claim Boundary Skam Track Baluarte Fm Limestone Federal Tolled Highway Overburden Contours, 10m Interval 2011-2022 Drillhole Mineralized Zone Hornfels • • 588,500 NORTH FELSITE DEPOSIT Pina El ol Santo Nino El Gringo 589,000 LA BOCONA DEPOSIT SOUTH SKARN FO Puro Corazon Claim DEPOSIT Platosa La Crucita Zacatecas LAS VICTORIAS DEPOSIT P 500 meters A Central Monzonite acts as the heat pump to the mineralizing system Historic Mines are localized in the skarn/hornfelsed margin of the monzonite www.southernsilverexploration.com 10 • 5 SouthernSilver EXPLORATION CORP Seven deposits make up the current Mineral Resources 11250N 15302 Blind-El Sol- Las Victorias 1507 9502 211750N 382250N N Skarn Front Central Intrusion North Felsite Mina La Bocona South Skarn Mineralization is localized in sub-vertical structures and on dyke margins in the Blind and El Sol deposits; and Semi-massive and massive sulphide lenses occur at the marble-skarn transition, adjacent to the monzonite contact in the Skarn Front, South Skarn and Mina La Bocona deposits TSX-V: SSV OTCQX: SSVFF#11Cerro Las Minitas 2023 Resource Estimate 2023 Mineral Resource Estimate (as of March 22, 2023 using a US$60/t NSR cut-off); Indicated - 140Moz AgEq 42.7Moz Ag, 46Mlb Cu, 364Mlb Pb and 903Mlb Zn (349g/t AgEq; or US$130 NSR/t) Inferred - 210Moz AgEq: 80.0Moz Ag, 101 Mlb Cu, 571Mlb Pb and 1,029Mlb Zn (311g/t AgEq or US$123 NSR/t) 5 SouthernSilver EXPLORATION CORP Indicated Resources Average Grade Contained Metal Zone Tonnes (Kt) Ag Au Pb Zn Cu AgEq ZnEq NSR (g/t) (g/t) (%) (%) (%) (g/t) (%) (US$/t) Ag Troz (000's) Au TrOz (000's) Pb Zn Cu Lbs AgEq TrOz ZnEq Lbs (Mlbs) (Mlbs) (Mlbs) (000's) (Mlbs) Blind Zone 2,347 97 0.04 1.9 2.1 0.11 295 7.2 108 7,350 3 99 109 5.5 22,291 371 El Sol Zone 1,154 80 0.04 2.2 2.0 0.09 279 6.8 100 2,956 2 55 51 2.2 10,337 172 Skarn Front Zone 7,254 108 0.06 0.8 4.2 0.19 383 9.3 140 25,106 14 126 678 30.7 89,421 1,490 La Bocona Zone 1,755 130 0.18 2.2 1.7 0.21 326 7.9 136 7,331 10 84 65 8.0 18,406 307 Total 12,510 106 0.07 1.3 3.3 0.17 349 8.5 130 42,742 29 364 903 46 140,455 2,341 Inferred Resources Average Grade Contained Metal Zone Tonnes (Kt) Ag Au Pb Zn Cu AgEq ZnEq NSR Ag Troz Au TrOz (g/t) (g/t) (%) (%) (%) (g/t) (%) (US$/t) (000's) (000's) Pb (Mlbs) Zn Cu Lbs AgEq TrOz ZnEq Lbs (Mlbs) (Mlbs) (000's) (Mlbs) Blind Zone 1,347 83 0.14 1.4 1.8 0.06 248 6.0 88 3,582 6 40 55 2 10,749 179 El Sol Zone Las Victorias Zone 863 1,083 65 0.03 1.8 2.3 0.05 263 6.4 90 1,816 1 35 43 1 7,283 121 148 0.66 2.1 2.6 0.14 431 10.5 145 5,152 23 51 62 62 3 15,006 250 Skarn Front Zone 11,466 115 0.05 0.7 2.7 0.32 318 7.7 126 42,462 18 177 687 80 117,065 1,951 South Skarn Zone La Bocona Zone Total 3,789 140 0.18 2.0 2,481 125 0.17 1.8 21,030 118 0.12 1.2 1.3 0.09 309 7.5 130 17,007 22 167 112 7 1.3 0.13 285 6.9 120 9,977 14 100 71 7 2.2 0.22 311 7.6 123 79,997 85 571 1,029 101 37,660 22,702 210,464 3,507 628 378 Notes: 1) 23 2) 3) 4) 5) 6) 7) The current Resource Estimate was prepared by Garth Kirkham, P.Geo., of Kirkham Geosystems Ltd. All mineral resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum ("CIM") definitions, as required under National Instrument 43-101 ("N143-101"). Mineral resources were constrained using continuous mining units demonstrating reasonable prospects of eventual economic extraction. Silver Equivalents were calculated from the interpolated block values using relative recoveries and prices between the component metals and silver to determine a final AgEq value. The same methodology was used to calculate the ZnEq value. Silver Equivalents and NSR$/t values were calculated using average long-term prices of $20/oz. silver, $1,650/oz. gold, $3.25/lb. copper, $1.0/lb. lead and $1.20/lb. zinc. All prices are stated in $USD. Mineral resources are not mineral reserves until they have demonstrated economic viability. Mineral resource estimates do not account for a resource's mineability, selectivity, mining loss, or dilution. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. 8) All figures are rounded to reflect the relative accuracy of the estimate and therefore numbers may not appear to add precisely. www.southernsilverexploration.com 11 TSX-V: SSV OTCQX: SSVFF#12Cerro Las Minitas Project Economics 15yr Mine Life PEA Highlights - Effective Aug 29, 2022 Robust Project Economics Base Case¹: after-tax NPV5% of US$349M (C$450M, C$1.55/share), IRR of 17.9% Excellent Silver and Zinc Price Leverage Base-case +15%²: after-tax NPV5% of US$561M (C$ 728M, C$2.49/share), IRR of 24.4% High-Revenue Project SouthernSilver EXPLORATION CORP Higher Margin Mineralization Targeted in the First Eight Years of Production Leading to Improved Economics. Cash Flow After Taxes (US $M) $200 $150 $100 Yrs. 1-8 Avg CF $50 US$84M SO -$50 After-Tax Cash Flow $1,000 $800 $600 $400 $200 50 -$200 -$400 Base Case revenues: US$3.7B • Balanced precious vs base metal revenues with silver representing 42% of revenues and zinc representing 39% of revenues Initial CapEx of $341M Well Located Project Mining friendly jurisdiction with excellent infrastructure in southeast Durango -$100 -$150 -$600 -$800 -$200 -$1,000 -2 -1 1 2 3 4 5 6 7 8 LOM Production Year 9 10 11 12 13 14 15 Base Case Cash Flow after Taxes - Prices +15% Cumulative Cash Flow after Taxes Base Case Cumulative Cash Flow after Taxes Prices +15% Cash Flow after Taxes 1. Base case: assumes (Ag- $21.95/oz, Cu - $3.78/lb, Pb - $0.94/lb and Zn - $1.33/lb) 2. Base Case +15% assumes (Ag- $25.24/oz, Cu-$4.35/lb, Pb - $1.08/lb and Zn - $1.53/lb www.southernsilverexploration.com 12 Cumulative Cash Flow After Taxes (US $M) TSX-V: SSV OTCQX: SSVFF#13Cerro Las Minitas Project Economics Modelled LOM Production: 24.5 Mt @ 0.2% Cu, 1.1% Pb, 2.6% Zn, 110g/t Ag, 0.09g/t Au - Average NSR of $US 128/t AgEq Sold (Moz) 20 18 16 14 13.4Mozs AgEq 12 10 8 Projected LOM Sales & AISC . Additional Production $18.00 Capacity $16.00 $14.00 Yrs. 1-8 Avg AgEq solds $12.00 $10.00 $8.00 AISC (us$/oz AgEq) $6.00 6 $4.00 4 2 $2.00 0 $0.00 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Year Ag Pb Zn ⚫AISC/oz AgEq LOM Ag/Cu/Pb/Zn sales are shown on an AgEq basis based on: Ag = $21.95/oz, Cu = $3.78/lb, Pb = $0.94/lb and Zn = $1.33/lb All-in Sustaining cost (AISC) is calculated as: Operating costs (mining, processing and G&A) + Incremental PTUS + Concentrate Transportation + Treatment & Refining Charges + Penalties + Sustaining Capital + Closure Costs + Silver Revenue Royalty and is reported on using a AgEq payable basis www.southernsilverexploration.com 13 SouthernSilver EXPLORATION CORP • Robust AgEq Production which Peaks in Year 8 Large-Scale Underground Mining Operation Modelled LOM Production: 24.5 Mt @ 0.2% Cu, 1.1 % Pb, 2.6 % Zn, 110 Ag, 0.09 g/t Au - Average NSR of $US 128/t 15-year mine life Annual Production of 11.3Mozs/yr AgEq (inc. 4.7 Mozs Ag) ⚫ LOM Production of 168.8Mozs AgEq (inc. 70.8Mozs Ag) ⚫ LOM AISC of $13.27/oz AgEq sold Further Project Upside • New deposits: deposits remain open laterally and to depth to be explored Gold Recovery: to be incorporated into the process flowsheet Engineering Updates: CapEx and OpEx efficiencies TSX-V: SSV OTCQX: SSVFF#14Cerro Las Minitas SouthernSilver EXPLORATION CORP Potential Economic Updates The PEA has modelled robust annual average cashflow particularly in the first eight years of mine-life. New work will focus on increasing free cash flow within the current model Adding Additional Resources: • New resources added at North Felsite in 2023 to be incorporated into the mine design. Other areas with exploration potential include: ➤North Skarn Down-dip extensions of the eastern deposits Engineering Upgrades: Higher payable subsets of the Mine Production Schedule to be evaluated • Modified sub-blocking routine Capital Cost/Contingency Reduction: • Full vetting of the Cash-flow model has identified additional cash saving opportunities Process Flow-sheet - TC-RCS/Gold Metallurgy: Gold is not included as a payable in the current processing flowsheet; currently working to define gold payables • New metallurgical results consolidates the process flow sheet to reduce the TCS-RCS Oxide mineralization: Au-Ag-enriched oxide mineralization is not included in the flowsheet and could be used to augment recovered gold from the pyrite-arsenopyrite-concentrate Ore-Sorting: • Positive initial test results suggest significant waste rejection and retention of mineral value. Further work is required www.southernsilverexploration.com 14 TSX-V: SSV OTCQX: SSVFF#15Cerro Las Minitas Project Economics - Sensitivities 5 SouthernSilver EXPLORATION CORP Base Case NPV5% = $349M Sensitivity NPV @ 5%, after Tax (US$M) • The project NPV5% shows greatest sensitivity to: $530 $480 - silver and zinc metal prices, $430 - then silver and zinc metal recoveries, and $380 $330 - then OpEx and Initial Capital $280 $230 Sensitivity NPV @ 5%, after Tax (US$M) Silver in Pb Sensitivity Silver Price Zinc Price Recovery Zinc Recovery $180 Initial Capital OPEX -20% -15% -10% -5% 0% 5% 10% 15% 20% 20% $118 $111 -$63 -$109 Sensitivity % 15% $89 $83 -$47 -$82 10% $59 $55 $56 $38 -$31 -$54 Silver Price Zinc Price Silver in Pb Recovery Zinc Recovery Initial Capital OPEX 5% $30 $28 $28 $19 -$16 -$27 0% $0 $0 $0 $0 $0 $0 -5% -$30 -$28 -$28 -$19 $16 $27 -10% -$59 -$55 -$56 -$38 $31 $54 -15% -$89 -$83 -$85 -$57 $47 $82 1. Base case: assumes (Ag- $21.95/oz, Cu - $3.78/lb, Pb - $0.94/lb and Zn - $1.33/lb) 2. Base Case +15% assumes (Ag- $25.24/oz, Cu-$4.35/lb, Pb - $1.08/lb and Zn - $1.53/lb -20% -$118 -$111 -$113 -$76 $63 $109 www.southernsilverexploration.com 15 TSX-V: SSV OTCQX: SSVFF NPV, SM#16Cerro Las Minitas Resource Expansion Three High-grade Shoots Now Defined on the Eastern Side of the Cerro Mineralization Remains Open at Depth 5 SouthernSilver EXPLORATION CORP LEGEND = US$60-90 NSR = US$90-150 NSR =>US$150 NSR www.southernsilverexploration.com Bocona Ext./ North Felsite South Skarn Bocona 2000m Elev. 1800m Elev. 1600m Elev. Open 1400m Elev. Open Open 16 200m 1200m Elev. TSX-V: SSV OTCQX: SSVFF#17Cerro Las Minitas New Discoveries and Resource Expansion Drilling has now identified a 1200 metre strike-length of mineralization on the East side of the Cerro • Three mineralized "Shoots" identified on the eastern side of the Cerro SouthernSilver EXPLORATION CORP 1750Z Blind- El So 11550Z . • Mineralization is open at depth for further resource expansion 1350Z South Skarn La Bocona 'North Felsite Skarn Front 11502 • Clear exploration pathway to a +40Mt deposit Further Exploration Potential 86250E 950Z 250275 www.southernsilverexploration.com 17 TSX-V: SSV OTCQX: SSVFF#18Cerro Las Minitas Next Steps SouthernSilver EXPLORATION CORP Work on the Cerro Las Minitas project over the coming months will continue to de-risk the project and add further value in preparation for the next stage of assessment ESG-Continuing on the Pathway to Production • • • Permitting parameters - established Environmental/Hydrology baseline studies - in progress Social/Government engagement - continuing Preparation for Next Phase of Economic Assessment • Establish Budgeting for: Technical Opportunities to Upgrade the Project Economics Mineral Resource Update completed Evaluate gold recovery from sulphide sources and • • impact on the cash-flow model - in progress • Update Engineering design - in progress • • Ore-sorting to reduce plant size and tailings - in progress Further exploration drilling to optimize production time-line ➤ Infill drilling spacing study - completed Geotech program Further metallurgical testwork - completed www.southernsilverexploration.com 18 TSX-V: SSV OTCQX: SSVFF#19Oro and Hermanas Projects Assets Overview 5 SouthernSilver EXPLORATION CORP US Exploration Southern continues to advance two earlier stage projects in southern New Mexico, giving the shareholder additional exposure to copper, gold and silver Bagdad Arizona AZ Copper Belt Phoenix Miami Morenci Resolution Safford ORO Tyrone USA Mexico Tucson Sierrita Cananea Oro Project • Large Laramide Cu-Mo-Au New Mexico Santa Rita Hermanas Chihuahua Hermosillo Sonora Chihuahua Major Cu-Mo Deposits www.southernsilverexploration.com El Paso 19 • Porphyry system Hermanas Widespread Au-Ag epithermal vein system. TSX-V: SSV OTCQX: SSVFF#20Oro and Hermanas Projects Assets Overview SouthernSilver EXPLORATION CORP The Company has Identified Favorable Targets to Provide Investors an Exposure to Copper, Gold and Silver Oro Property Arizona New Mexico 3,535,000 Lordsburg ? Pb/Zn/Ag Stock Pond Gold Target 17 RC holes 2016/17 3,537,500 • 3.535.000 Hermanas Project, Southern New Mexico Newly optioned from Bud and Nick Hillemeyer and Perry Durning Optioned by SSV to own 100% Geology Favorable for Large Epithermal Vein System • Numerous occurrences of anomalous Au, Ag and pathfinder metals High-level textures suggesting good exploration potential at depth • Limited historic drilling Permitting in progress for drilling in 2024 100% owned by SSV +22.4 sq. km property +$8M Expenditures New claims added Airborne Z-TEM in 2018 Surface sampling, clay alteration studies, historic compilation and 29 drill holes 3,532,500 LEGEND Porphyry Alteration Halo Veins Historic Mine Shatt SSV Drill Collar Historic Drill Collar Claim Boundary OR22-012 OR22-011 OR22-013 Carbonate Replacement Zone Disseminated Gold Zone ORTO Late-Stage: High-grade TORI Au+Base Metal Veins (Five Historic Mines) Cu/Mo/Au Porphyryj OR22-010 Skarn Zone Geology Favorable for Large Cu-Mo Porphyry Discovery • • Target is deposit similar to El Chino (P+P reserves of 301Mt of 0.38%Cu) or Tyrone (P+P reserves of 59Mt at 0.32% Cu)¹ 3.532.500 • kilometers 3,530,000 Zoning over a 4km extent transitioning from Cu-Mo porphyry to Ag-Pb- Zn replacements to distal gold targets Evidence suggest the very top of a major porphyry system Drilling identified broad areas of mineralization and alteration; new targets identified 1. All Reserves on this page are derived from company annual reports and are as of December 31st, 2014 www.southernsilverexploration.com 20 20 TSX-V: SSV OTCQX: SSVFF#21Why Southern Silver 5 SouthernSilver EXPLORATION CORP Diverse Assets Property Package with Exposure to both Precious and Base/EV Metals PEA Results Highlights Robust Asset Value of the CLM Project Catalysts Updated PEA for Q1'24 CLM: New Drilling Hermanas: Drilling 2024 Ongoing CLM: Surface Exploration and Targeting Oro: New Targeting www.southernsilverexploration.com 21 24 TSX-V: SSV OTCQX: SSVFF#22Southern Silver Notes www.southernsilverexploration.com 22 22 5 SouthernSilver EXPLORATION CORP TSX-V: SSV OTCQX: SSVFF