Silverco Mining Ltd. (TSX-V: SICO) is pleased to report additional underground assay results and initial surface assay results from its 100%-owned Cusi Property in Chihuahua, Mexico. These results are part of the Company’s 2026 30,000 metre diamond drill program that is focused on infill, expansion, and exploration at high potential targets across the property.

Results included in this release are from underground drilling at Promontorio, the first of three planned mining zones at Cusi. Drilling in this zone has been focused on infilling highly prospective areas that are planned for mining in the first year of operations which required additional drilling to be included in the resource and mine plan.

Mark Ayranto, CEO of Silverco, commented:

“Our second set of results from the 2026 Cusi drill program continue to identify additional mineralization within the footprint of the first year of the Preliminary Economic Assessment¹ mine plan. Our headline hole, UGCU26-08, intersected grades more than three times the average resource grade at Promontorio. With this intersection sitting only approximately 25 metres below existing development, we have again delivered the kind of result that can enhance Cusi’s operating profile early in the mine life. The elevated gold grades in this hole also suggest we remain high in the epithermal system at Promontorio, highlighting the potential for significant untested vertical extent at depth. Exploration at Cusi will test more of these targets through the remainder of 2026 to support the planned restart of production in Q4 2026, as underground mining contractors ramp up development rates through Q3 2026.”

These second set of drill results from the 2026 program are from the Promontorio East veins, an area that boasts exceptional undiluted high-grade material with Measured and Indicated resource grades of 295 g/t AgEq and Inferred resource grades of 301 g/t AgEq. This infill drilling is specifically aimed at optimizing mine planning and targeting near-term resource expansion that can be integrated into the short-term mine plan, creating opportunities to enhance economics through reduced development requirements or increased resources available in the areas of planned development.

These results were drilled within the first 50 vertical metres of planned development and fall within a 150 metre by 250 metre area of Promontorio that required infilling and was not previously captured in the PEA. Highlights from the second set of drill holes in this area include:

• UGCU26-08 – 1,100 g/t Ag, 1.61 g/t Au, 0.80% Pb and 0.52% Zn or 1,080 g/t AgEq over 10.3 metres, including 6,452 g/t AgEq over 0.7 metres
• UGCU26-07 – 198 g/t Ag, 0.31 g/t Au, 0.76% Pb and 0.59% Zn or 217 g/t AgEq over 7.7 metres
• UGCU26-08 – 234 g/t Ag, 0.89 g/t Au, 0.34% Pb and 0.36% Zn or 260 g/t AgEq over 5.5 metres
• UGCU26-05 – 247 g/t Ag, 0.07 g/t Au, 0.27% Pb and 0.31% Zn or 236 g/t AgEq over 5.4 metres
• UGCU26-06 – 134 g/t Ag, 0.11 g/t Au, 0.59% Pb, and 0.60 % Zn or148 g/t AgEq over 8.2 metres

The width and high-grade silver intersected in UGCU26-08 are encouraging, but equally encouraging is the exceptionally high gold grade within this intercept of 16.15 g/t gold over 0.7 metres. In epithermal systems, elevated gold grades are characteristic of the upper levels of the system. This intersection suggests that the upper portions of the epithermal system are present at Promontorio, highlighting the potential for significant untested vertical extent at depth. These results also support the Company’s geological concept of a preserved, down-thrown mineralization east of the Cusi Fault.

Details of the 2026 Cusi Exploration Program

The 2026 Cusi exploration program includes 30,000 metres of diamond drilling, split between underground (10,000 metres) and surface drilling (20,000 metres). The program’s primary goals are to:

(1) Infill prospective areas which are targeted for mining early in the planned restart at Promontorio and San Miguel;
(2) Expand known areas of mineralization at San Miguel and Promontorio
(3) Explore prospective targets at San Miguel, Eduwiges, and San Juan.

With success, this program will enhance mine planning for the initial years of the planned restart and identify opportunities to increase resources in these areas and in new target areas as part of the planned H1 2027 Cusi resource update.

Figure 1: 2026 Drill Program Collar Locations

Figure 2: Promontorio Underground Long Section, Looking WNW

Figure 3: Promontorio Underground Long Section, Raquel Vein Intercepts, Looking N

Detailed drill results, along with notable assays results are provided in Tables 1 and 2.

Table 1: Significant Assay Results from the 2026 Drill Program

Notes

(1) AgEq = Ag g/t x Ag Recovery + [(Au g/t x Au Rec x Au price/gram)+(Pb% x Pb rec. X Pb price/t) + (Zn% x Zn rec. X Zn price/t)]/Ag price/gram. Metal price assumptions are: $30.00/oz silver, $2,400/oz gold, $1.00/lb lead, $1.35/lb zinc. Metallurgical recovery assumptions are 90% for silver, 50% for gold, 90% for lead, and 60% for zinc. Metallurgical recoveries used in this release are based on historical operational results on the Cusi project.
(2) Reported intervals are downhole core lengths. True widths are estimated at ~82% on average based on vein orientation observed in drill core and modelled veins; however, actual true widths may vary with additional drilling.

Table 2: Drill Collar Location

Notes

(1) Hole azimuths and dips are based on average of surveyed intervals

Planned Cusi Restart

As outlined in an April 13, 2026 news release, the Company is targeting restarting operations at Cusi in H2 2026. This planned restart is supported by the results from the PEA¹ which outlined a project with average annual silver equivalent production of 2.47 Moz at site all-in-sustaining costs of US$26.75/oz payable AgEq from 2028 to 2032, once fully ramped up. At an average base case silver price of US$44.58/oz the after-tax NPV of Cusi, as defined by the PEA¹, is US$104.1 M with an IRR of 94.8% and a payback period of 0.9-year, and at US$75.00/oz, the after-tax NPV is US$312.2 M with an IRR of 186.9% and a payback period of 0.5-year. With close to 90% of the revenue generated from silver and low upfront capital of US$19.2 million, Cusi represents a unique opportunity in the silver industry and for Silverco to advance its vision of becoming a 10 million ounce per year silver equivalent producer within three years.

Underground rehabilitation work at Cusi is complete and the Company began mobilizing contractors underground in June 2026 with initial concentrate production planned for late 2026.

Quality Assurance/Quality Control and Sampling Procedures

All diamond drill core from the 2026 program at the Cusi Project is logged, photographed, and sawn in half using a diamond blade core saw. One half of the core is submitted for geochemical analysis, while the other half is retained in secure storage for reference. Sampling intervals are determined based on geological boundaries and typically range from 0.3- 1.5 metres. Control samples comprise approximately 18% of all samples submitted, including certified reference standards, analytical blanks, field duplicates, preparation duplicates and analytical duplicates. QA/QC results are reviewed in real time, and all data is verified as meeting acceptable thresholds for accuracy, precision, and contamination before inclusion in this release.

Drill core and rock samples are sent to ALS Minerals for analysis with sample preparation in Chihuahua, Mexico and analysis in North Vancouver, British Columbia. Samples remain under Company custody until delivery to ALS; sealed bags are transported by Company personnel to ALS Chihuahua. The ALS Chihuahua and North Vancouver facilities are ISO/IEC 17025 certified. Samples are dried, weighed, and crushed to at least 70% passing 2mm, and a 250 g split is pulverized to at least 85% passing 75 μm (PREP-31). Silver and base metals are analyzed using a four-acid digestion and ICP-AES. Over-limit analyses for silver (>100 ppm), lead (>10,000 ppm), and zinc (>10,000 ppm) are re-assayed using an ore-grade four-acid digestion and ICP-AES (ME-OG62). Samples with over-limit silver assays > 1500 ppm are analyzed by 30-gram fire assay with a gravimetric finish (Ag-GRA21). Gold is assayed by 30-gram fire assay and AAS (Au-AA23).

Tier Graduation

The Company was approved for graduation from Tier 2 to Tier 1 issuer status on the TSX Venture Exchange, effective March 30, 2026.

The table below summarizes (i) the number of securities released from escrow in connection with the Company’s graduation to Tier 1, and (ii) the remaining securities subject to escrow, including the applicable release schedule.

Table 3: Escrowed Securities

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Nico Harvey, P.Eng., Vice President Project Development of Silverco, a Qualified Person as defined in National Instrument 43-101. Mr. Harvey is not independent of the Company. Mr. Harvey has reviewed the sampling, analytical and QA/QC data underlying the technical information disclosed herein.

About Silverco Mining Ltd.

Silverco Mining Ltd. is a Canadian silver producer focused on building a leading multi-asset silver portfolio in Mexico. The Company owns 100% of the producing La Negra Mine in Querétaro and the past-producing Cusi Silver Complex in Chihuahua, two established underground mining operations with significant infrastructure, exploration upside, and district-scale land positions. The Company is restarting Cusi in H2 2026, positioning Silverco to become a significant primary silver producer in the Americas in the near term. Led by an experienced management team with a proven track record in mine development, operations, and capital markets, Silverco is focused on creating long-term shareholder value through disciplined growth and responsible mining practices with a goal of becoming a 10 million ounce silver equivalent per year within three years.