Silverco Mining Begins Underground Development at Cusi, Restart Remains on Budget and on Schedule

About this update from Silverco Mining Ltd.

Vancouver, British Columbia--(Newsfile Corp. - August 4, 2026) - Silverco Mining Ltd. (TSXV: SICO) ("Silverco" or the "Company") is pleased to provide an update on restart activities at its 100% owned Cusi Property ("Cusi") in Chihuahua, Mexico. Overall restart progress is approximately 68% complete and the Company remains on budget and schedule to deliver first concentrate in Q4 2026. Mark Ayranto, CEO of Silverco, commented: "The Cusi restart has moved from preparation into execution. Contractors and equipment are active underground, our first blast is now complete, our primary ventilation fans are on site, and the Mal Paso plant is well past the halfway mark of its refurbishment. Importantly all of this work has been delivered safely with zero lost time injuries. We remain on budget and schedule and our focus through the remainder of Q3 2026 is ramping up development, opening the San Miguel portal, and finishing the plant refurbishment so that we can deliver first concentrate in Q4 2026 and exit the year with two producing silver mines in Mexico." Restart Highlights Figure 1: Promontorio Portal and Laydown To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/10393/307853_1f1cd257d4750a00_002full.jpg Figure 2: Contractor Scoop trams  To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/10393/307853_1f1cd257d4750a00_003full.jpg Figure 3: Installation of Ground Support at Promontorio To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/10393/307853_1f1cd257d4750a00_004full.jpg  Planned Cusi Restart As outlined in an April 13, 2026 news release, the Cusi project offers compelling economics based on the results from the 2026 PEA1 which outlined a project with average annual silver equivalent production of approximately 2.5 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 is US$104.1 M with an IRR of 94.8% and a payback period of 0.9 years, 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 years. In addition to Cusi providing very near-term cash flow, the ongoing exploration program has the potential to significantly enhanc...

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