Southern Silver Exploration : Corporate Presentation, March 2023

Developing the Next Major Silver Resource in Mexico

Corporate Presentation

March, 2023

SSV: TSX-V

TSX-V: SSV OTCQX: SSVCL:SSVFFSSEV

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 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

New Mineral Resource Update

• Ind: 140Moz AgEq at 349g/t AgEq1
• Inf: 210M oz AgEq at 311g/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

• 100% ownership and control of the CLM Project
• Full treasury to continue ESG initiatives, permitting, drilling, engineering and other Corporate objectives

Company Catalysts

(pending News Flow)

• Resource Update - Completed
• Engineering Upgrades
• Assays pending - Oro Cu-Mo project, NM
• Permitting for Q4 drilling- Hermanas Au-Ag Project, NM

1. Parameters for the NI 43-101 Compliant Mineral Resource Estimate are described on Slide 10(appendices) and in the SSV News Release, dated Mar 22nd, 2023

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

2021 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 903Mlb Zn Inferred - 210Moz AgEq: 80Moz Ag, 101Mlb Cu, 571Mlb Pb and 1,029Mlb Zn

Notes:

1. Parameters for the NI 43-101 Compliant Mineral Resource Estimate are described on Slide 10 (appendices) 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)

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Capital Markets Profile

Capital Structure

	Ticker	TSX-V:SSV
	Share Price (Mar. 14, 2023)	C$0.18
	Current Shares Outstanding	292M
	Options	28.3M1
	Warrants	65.9M2
	Fully Diluted Shares Outstanding	386M
	Market Capitalization (basic)	C$52.5M
	Cash & Cash Equivalents	C$6.0M
	Enterprise Value (basic)	C$64.3M
	EV/Oz AgEq	C$0.17
	P/NAV	0.15x
	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	Sep-8-2022	Buy ($0.51)

Newsletter Coverage

Caesars Report - Thibaut Lepouttre

Silver Stock Investor - Peter Krauth

GoldSilver.com/SilverChartist - Jeff Clark

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