CMX'S Clayton Geophysical Program Started, Private Placement Offering

CMX Gold & Silver Corp. ("CMX" or the “Company”) confirms commencement of its inaugural exploration program on its 100%-owned Clayton Silver Project in Idaho, USA. DIAS Geophysical is conducting detailed 3DIP and Magnetotelluric (MT) geophysical surveys over the Company’s patented and unpatented mining claims. CMX is expecting to receive results by mid to late October 2026. Jan Alston, CEO of CMX stated, “This is a significant step to advance the potential of the historic Clayton Silver Mine. During the mine’s 50-year operating life, there was no geophysical work or systematic exploration drilling to expand the potential beyond the single known vein. Mining stopped in 1986 because of low silver prices. We expect that the geophysics will identify quality drill targets on newly identified veins within the mineralized system and extend the existing vein that is open to depth and to the north.” Rick Walker, CMX’s VP, Exploration added, “The Clayton mine is a carbonate replacement deposit (CRD). In addition to being a CRD, the structural environment also typically provides opportunity to discover additional mineralization as en echelon (parallel), fault-controlled veins. We anticipate the geophysical results will provide sub-surface targets and, through subsequent drilling, potentially provide additional mineral resources. That is our objective.” On July 9 th , 2026, CMX announced closing a $910,000 first tranche of its non-brokered private placement of $0.25 units comprised of one share and one share purchase warrant exercisable at $0.40 per share for two years from closing. The Company expects to close a second tranche in September 2026. The units are being sold to “accredited investors” and other exempt parties pursuant to exemptions from prospectus requirements under Canadian securities laws. All securities issued under the private placement are subject to a statutory hold period expiring four months and one day after the closing date, as set out in National Instrument 45-102 (Resale of Securities). The offering remains subject to regulatory approval and the approval of the Canadian Securities Exchange. The Clayton Silver Project is CMX’s 100%-owned flagship asset, located in the Bayhorse Mining District of central Idaho, approximately 30-40 kilometers south-southwest of Challis. The property comprises a 1,028-acre land package, including 29 patented mining claims and two patented mill sites (approximately 562 acres) and 20 unpatented claims (approximately 466 acres). The patented claims provide surface ownership rights, carry no government royalties, and do not require drilling permits. The comprehensive geophysical program covers the historic mine and surrounding structures, comprised of a 3DIP survey and a Magnetotelluric (MT) survey. These surveys are intended to delineate known and identify new vein structures, identify extensions of partially mined ore bodies, and evaluate deeper sources of mineralization, with follow-up diamond drilling planned to test priority targets. The Clayton Silver Mine operated from 1935 to 1986 and was one of the most active underground mines in the district. Recorded production totaled approximately 7 million ounces of silver, along with lead, zinc, copper, and minor gold, from an estimated 2.15 million tonnes of ore. Underground development reached eight levels to a depth 1,100 feet, with nearly 19,700 feet of workings, and partially mined two tabular ore bodies known as the South and North Ore Bodies. Mine records and historical drilling indicate that mineralization remains open to depth and along strike.