Investor Presentaiton

Cerro 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

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