On May 19, 2026, Silverco Mining Ltd., a TSX Venture Exchange-listed silver company based in Vancouver, completed the acquisition of Nuevo Silver Inc. Nuevo Silver holds a 100 percent interest in the producing La Negra silver mine in Querétaro, Mexico, which became a wholly owned subsidiary of Silverco through the transaction. The acquisition marks Silverco's transformation from a developer into a cash-flowing silver producer. Under the terms of the transaction, Silverco acquired all of the issued and outstanding common shares of Nuevo Silver in exchange for the issuance of an aggregate of 16,802,283 common shares of Silverco to former Nuevo shareholders on a pro rata basis. Following completion, former Nuevo shareholders were expected to hold approximately 31 percent of Silverco's outstanding shares, with existing Silverco shareholders retaining approximately 69 percent. As part of the transaction, Silverco assumed Nuevo Silver's existing debt of approximately US$11 million related to the La Negra mine, along with future obligations of up to US$12.5 million in milestone payments and up to US$5 million in contingent payments potentially owed to the former owner of La Negra. The La Negra mine, an operating silver-lead-zinc-copper operation located approximately 150 kilometres from Querétaro City, was operating at approximately 55 percent capacity, providing a foundation of existing cash flow. Because certain Silverco insiders held Nuevo shares, the acquisition was treated as a related party transaction under Multilateral Instrument 61-101.

Canaccord Genuity Corp. is financial advisor to Silverco, DLA Piper is Silverco’s legal counsel, and Cassels Brock & Blackwell LLP advises Nuevo Silver.