Southern Silver Exploration : Corporate Presentation, June 2024

Developing the Cerro Las Minitas Project into the Next

Major Silver Mine in Mexico

Corporate Presentation

June, 2024

SSV: TSX-V

TSX-V: SSV OTCQX: SSVFF:SSVFFOTCQX

Forward Looking Statements and Technical Disclosure

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.

All mineral resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum (CIM) definitions, as required under NI43-101.

Mineral resources reported demonstrate reasonable prospect of eventual economic extraction, as required under NI43-101.

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 Geosystems Ltd. (KGL): mineral resource estimate from March, 2024;

Entech Mining Limited (Entech): mine design and mine OpEx and capital;

Ausenco Engineering (Ausenco): process flowsheet, mine site design and surface OpEx, CapEx and discounted cash-flow model - reviewed and scrutinized metallurgical assumptions;

Metallurgical Process Consultants Limited (MPC): metallurgy and process flowsheet

www.southernsilverexploration.com	2	TSX-V: SSV OTCQX: SSVFF

Investment Highlights

Focused on developing the Cerro Las Minitas (CLM) Ag-Cu-Pb-Zn project located in Durango, Mexico

One of the Largest and

Highest Grade Undeveloped

Silver Projects in the World

Mineral Resource Update

• Ind: 116Moz AgEq at 271g/t AgEq1
• Inf: 186M oz AgEq at 248g/t AgEq1
• Well-establishedsilver mining district in Durango, Mexico near several major mining companies

2024 PEA Highlights

• 17yr Life-of-Mine
• Robust Project Economics
• Strongly Leveraged to Silver and Zinc prices
• High Revenues/Free Cash-flow

Corporate Highlights

• 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 - announced
• 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 13 and in the SSV News Release, dated June 10th, 2024

www.southernsilverexploration.com	3	TSX-V: SSV OTCQX: SSVFF

Cerro Las Minitas

One of the Largest and Highest Grade Undeveloped Silver Assets in the World

2023 Mineral Resource Estimate (as of March 20nd, 2024 using a $60NSR/t cut-off)1; Indicated - 116Moz AgEq 43Moz Ag, 32Kozs Au, 49Mlb Cu, 374Mlb Pb and 921Mlb Zn Inferred - 186Moz AgEq: 83Moz Ag, 111Mlb Cu, 582Mlb Pb and 1,106Mlb Zn

Notes:

1. Parameters for the NI 43-101 Compliant Mineral Resource Estimate are described on Slide 13 and in the SSV News Release, dated Jun 10th , 2024

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)

www.southernsilverexploration.com	4	TSX-V: SSV OTCQX: SSVFF

Capital Markets Profile

Capital Structure

	Ticker	TSX-V:SSV
	Share Price (May 30, 2024)	C$0.30
	Current Shares Outstanding	292M
	Options	24.3M1
	Warrants	51.2M2
	Fully Diluted Shares Outstanding	367M
	Market Capitalization (basic)	C$88M
	Cash & Cash Equivalents	C$1.0M
	Enterprise Value (basic)	C$109M
	EV/Oz AgEq	C$0.31
	P/NAV	0.17x
	Top Shareholders
	Electrum Global Holdings	25%
	Institutional (as of July 30 , 2021)	12%
	Management & Directors	2.3%

1. Includes 24.3M 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 51.2M 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

Share Price and Volume (Last 24 Months)

Analyst Coverage

Timothy Lee - Red Cloud Securities Ltd.

Siddharth Rajeev - Fundamental Research Corp.

Recent Ratings

	Date	Reccomendation (C$)
Red Cloud Securities	Mar-23-2023	Buy ($0.90)
Fundamental Research	Apr-11-2023	Buy ($0.54)

Newsletter Coverage

Caesars Report - Thibaut Lepouttre

Silver Stock Investor - Peter Krauth

GoldSilver.com/SilverChartist - Jeff Clark

www.southernsilverexploration.com	5	TSX-V: SSV OTCQX: SSVFF

PEA Highlights

• Robust Project Economics - Base Case1: after-tax NPV5% of US$501M (C$682M) and IRR of 21.2%;
• Excellent Silver and Zinc Price Leverage - Base-case +20%2: after-tax NPV5% of US$875M (C$1,193M) and IRR of 30.2%;
• 1. Base Case Metal Prices ($US): Ag- $23.00/oz, Au - $1850/oz, Cu - $4.00/lb, Pb - $1.00/lb and Zn - $1.25/lb
  2. Base Case +20% metal prices ($US): Ag- $27.60/oz, Au - $2220/oz, Cu - $4.80/lb, Pb - $1.20/lb and Zn - $1.50/lb
• A Large-Scale Underground Mining Operation with a 17-year mine life and an annual average plant feed of 14.3 Mozs AgEq (inc. 5.8 Mozs Ag) and life of mine (LOM) feed totalling 242.7 Mozs AgEq; (inc. 98.6 Mozs Ag). LOM sales total 194.3 Mozs AgEq at an AISC of US$13.23/oz AgEq sold;
• A High-RevenueProject with base-case gross revenues totalling US$4.5B with silver and gold representing 45% of revenues, and zinc representing 35% of projected revenues. The project has an Initial CapEx of US$388M, an NPV5%-to-CapEx ratio of 1.3X and a paydown of 48 months; and
• A Well-LocatedProject in a mining friendly jurisdiction with excellent infrastructure in southeast Durango state, Mexico;

www.southernsilverexploration.com	6	TSX-V: SSV OTCQX: SSVFF

Cerro Las Minitas

Updated PEA Comparison to 2022

In comparison to the earlier 2022 economic model, the updated PEA now:

• Increases the Life of Mine (LOM) production by 5Mt, representing an approximate 20% increase;
• Increases daily mine production to up to 5300tpd, representing an approximate 18% increase;
• Extends the mine life by 2.6yrs;
• Increases the LOM Revenue by US$765M, representing an approximate 17% increase in revenues.
• Increases the after-tax NPV5% by 45% to US$501M; and
• Similarly, increases the IRR by 3.3% to 21.2%

www.southernsilverexploration.com	7	TSX-V: SSV OTCQX: SSVFF

Management Team and Board

Experienced Mine Finders with a History of Success in Mexico

Lawrence Page (LL.B, KC)	• Director and Officer of a number of public prominent exploration and mining companies
President, Director	• Major Projects and Mines involvement: Penasquito, Mexico; Hemlo and Eskay Creek, Canada
Rob MacDonald (MSc, PGeo)	• VP of Geological Services for the Manex Resource Group of Companies and Exploration Manager for several publicly listed
companies
VP, Exploration	• 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
Killian Ruby (CPA, CA, B. Sc.)	• President and CEO of Malaspina Consultants & Manex Resource Group
Chief Financial Officer	• Served as an Assurance Partner at Wolrige Mahon LLP and served as Served as Senior Manager of KPMG LLP
Arie Page	• Currently serves as corporate secretary to several public resource companies in the minerals sector including Bravada Gold
Corporate Secretary	Corporation, Pacific Ridge Exploration Ltd., Southern Silver Exploration Corp. and Valterra Resource Corporation.
Russell Ball (CA, CPA)	• Managing Director of QDBS Resources Inc. and former CEO, Director and Exec. Chairman of Calibre Mining Corp
Director	• Former EVP and CFO of Goldcorp Inc as well as varying capacities with Newmont Mining Corp
Peter Cheesbrough (CA)	• President, Exploration Division, Electrum Group
Director	• Served as CFO, Echo Bay Mines
Gina Jones (CPA, CA, CF, ICD.D)	• Currently serves as CFO, CCO PenderFund Capital Management Ltd., Served as CFO for two Vancouver Investment Dealers and
Director	CFO, COO for an independent Vancouver brokerage firm.
Eugene Spiering (PGeo)	• Served as VP Exploration of Quaterra Resources Inc. and Rio Narcea Gold Mines
Director	• Major Projects and Mines Involvement: El Valle and Aguablanca, Spain
Roger Scammell (BSc, PGeo)	• Served as President Scorpio Mining Corporation and VP Exploration of Tamaka Gold Corporation
Director	• Major Projects and Mines involvement: San Nicolas, El Limon and Nuestra Senora, Mexico
Nigel Bunting	• Served as director Suffolk Life Pensions Ltd
Director

www.southernsilverexploration.com	8	TSX-V: SSV OTCQX: SSVFF

Project Portfolio

District Scale Exploration & Development

Cerro Las Minitas, Durango, Mexico - Flagship

• 100% owned
• Silver-enrichedSkarn/CRD deposits
• +US$28M spent on acquisition and exploration since 2011
• UPDATED ECONOMICS (June-2024)
• 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	9	TSX-V: SSV OTCQX: SSVFF

Cerro Las Minitas

Infrastructure and Access

Well Located in an Active Exploration and Development Jurisdiction	Knowledgeable and Supportive Local Community
with Superior Infrastructure

• 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

• 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

www.southernsilverexploration.com	10	TSX-V: SSV OTCQX: SSVFF