Southern Silver Exploration : Corporate Presentation, September 2022

Corporate Presentation

September, 2022

SSV: TSX-V

SSVCL: SSEV

SSVFF: OTCQX

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 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

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

Investment Highlights

Focused on 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

• Ind: 137Moz AgEq at 347g/t AgEq1
• Inf: 198M oz AgEq at 314g/t AgEq1
• Well-establishedsilver mining district in Durango, Mexico near several major mining companies

PEA Highlights

• 15yr Life-of-Mine
• Robust Project Economics
• High Revenues/Free Cash-flow
• Balanced Precious / Base Metal revenues

	Corporate Highlights					Company Catalysts
						(pending News Flow)
	• 100% ownership and control of				•	PEA: Now Completed
	the CLM Project				• New Discoveries at CLM, Mx
	• Full treasury to continue ESG				•	Engineering Upgrades
	initiatives, permitting, drilling,				• New Drilling at Oro, NM
	engineering and other
				•	Greenfields exploration on
	Corporate objectives
					Hermanas Project, NM

1. Parameters for the NI 43-101 Compliant Mineral Resource Estimate are described on Slide 22 (appendices) and in the SSV News Release, dated Oct 27th, 2021

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

PEA Highlights

Robust Project Economics

• Base Case1: after-tax NPV5% of $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%

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-yearmine 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

All $ in USD unless otherwise indicated. Per share metrics based on 292 million shares outstanding.

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)

High-Revenue Project

• 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 state, Mexico

Further Project Upside

• New deposits: deposits remain open laterally and to depth to be explored
• Gold Recovery: to be incorporated into the process flowsheet
• Ore-sorting: initial test work is positive; to be included in the Process flowsheet

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

Capital Markets Profile

Capital Structure

Ticker	TSX-V:SSV
Share Price (Aug 25, 2022)	C$0.20
Current Shares Outstanding	291.5M
Options	1
28.3M
Warrants	2
65.9M
Fully Diluted Shares Outstanding	386M
Market Capitalization (basic)	C$58.3M
Cash & Cash Equivalents	C$8.0M
Enterprise Value (basic)	C$69.0M
EV/Oz AgEq	C$0.21
P/NAV	0.16x
Top Shareholders
Electrum Global Holdings	25%
Institutional (as of July 30 , 2020)	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

Share Price and Volume (Last 18 Months)

Analyst Coverage

Timothy Lee - Red Cloud Securities Ltd.

Siddharth Rajeev - Fundamental Research Corp.

	Recent Ratings
	Date	Reccomendation (C$)
Red Cloud Securities	Aug-29-2022	Buy ($0.85)
Fundamental Research	Nov-24-2021	Buy ($0.75)

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