CMX Gold & Silver Corp. (CSE: CXC) (OTC: CXXMF)

Disseminated on behalf of CMX Gold & Silver Corp., may include paid advertisements.

CMX Gold & Silver Corp. (CSE: CXC) (OTC: CXXMF) is advancing the historic Clayton Silver Mine in Idaho, a past-producing underground operation with a long operating history and significant remaining exploration potential. The company holds a 100% interest in the project through its wholly owned U.S. subsidiary and has positioned the asset as its sole operational focus, allowing management to concentrate technical, financial, and strategic efforts on a single, well-documented silver system.

Clayton was mined for more than five decades but was never systematically explored using modern geophysical or drilling techniques. Historical operators followed known mineralization to supply a relatively small mill and did not pursue broader resource definition or deeper targets, leaving substantial portions of the mineralized system only partially mined or entirely untested. CMX has compiled extensive historical records and mine data that now form the foundation for a modern reassessment of the property.

As CMX advances Clayton during a period of sustained supply deficits and rising industrial demand for silver, the company does so with a high degree of internal alignment. As of December 2025, management, directors, and associated shareholders collectively held approximately 70% of the company’s issued and outstanding shares, underscoring a long-term commitment to the project’s development.

The company is headquartered in Calgary, Alberta.

The Clayton Silver Project

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.

Historic Production and Development

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 7.0 million ounces of silver, along with lead, zinc, copper, and minor gold, from an estimated 2.15 million tonnes of ore, representing an illustrative gross metal value of approximately $660 million at $75/oz silver. Underground development reached eight levels to 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.

Geological Potential

Mine records and historical drilling indicate that mineralization remains open to depth and along strike. Notably, drill hole 1501-A intersected 22 feet of high-grade polymetallic mineralization at approximately 1,425 feet, confirming continuity below the deepest historic workings. CMX has determined that little modern geophysical work or systematic exploration drilling was conducted during the mine’s operating life.

Planned Exploration Programs

Beginning in spring 2026, CMX plans to conduct a comprehensive geophysical program over the historic mine and surrounding structures, including a 3-D Direct Current Induced Polarization (DCIP) survey and a Magnetotelluric (MT) survey. These surveys are intended to delineate known structures, identify extensions of partially mined ore bodies, and evaluate deeper sources of mineralization, with follow-up diamond drilling planned to test priority targets.

Surface Stockpile Opportunity

CMX also controls a surface stockpile estimated to exceed 1.0 million tonnes of mineralized material that was historically mined but not processed. Testing conducted in 2014 and TOMRA ore-sorting trials in 2022 and 2023 demonstrated that X-Ray Transmission (XRT) sorting increased silver grades by approximately 6.4 times and lead and zinc grades by approximately seven times, while recovering more than 70% of contained metals into a high-grade concentrate representing about 10% of the original mass.

Market Opportunity

Silver is a critical industrial metal with more than 10,000 documented uses and is valued for its electrical conductivity, thermal conductivity, reflectivity, corrosion resistance, and antimicrobial properties. Global silver demand is estimated at approximately 1.19 billion ounces, while global mine production is approximately 830 million ounces, resulting in a persistent supply deficit driven largely by industrial consumption across electronics, solar photovoltaics, electric vehicles, medical applications, catalysts, and battery technologies.

These supply-demand dynamics have been reflected in pricing. In January 2026, silver exceeded $80 per ounce, up 160% over the prior 12 months. This pricing underscores the impact of sustained physical deficits, declining mine supply since 2016, and rising industrial demand tied to green energy, electrification, and emerging technologies such as artificial intelligence. With approximately 70% of global silver production sourced as a byproduct of other metal mining, the industry’s ability to respond quickly to higher prices remains constrained, reinforcing the structural nature of the current market imbalance.

Leadership Team

Jan M. Alston, President and Chief Executive Officer, has more than four decades of experience in public junior natural resource companies across mining, oil and gas, and corporate finance. A trained lawyer, he practiced business law and securities regulation before serving as co-founder, President, and CEO of Purcell Energy Ltd., and later as CEO of Tenergy Ltd., both publicly listed energy companies that were ultimately sold in significant transactions. Since 2011, he has led the advancement of CMX’s Clayton Silver Project.

Glen R. Alston, Chief Financial Officer, has more than 30 years of experience in senior executive and management roles with public junior mining companies. His background includes corporate finance, stock exchange listings, corporate development, project management, and accounting and audit oversight, and he played a key role in CMX’s acquisition of the Clayton Silver Project.

Richard T. Walker, P.Geo., Consulting Geologist, is a Professional Geologist with more than 30 years of exploration experience across Canada, the United States, and South America. He has managed exploration programs for precious and base metals in a wide range of geological settings and has served as President of Dynamic Exploration Ltd. since 1996, providing independent geological consulting services to the mining industry.

Qualified Person Statement – All scientific and technical information contained in the CMX Gold & Silver Corp. Market Awareness Profile (MAP) has been reviewed and approved by Richard Walker, M.Sc. (Geology), P.Geo., independent consulting geologist considered a Qualified Person for the purposes of NI 43-101.