CMX Gold & Silver Corp. Reports Significant Progress on Idaho Silver Project Exploration Program

Calgary, Alberta — October 29, 2026 — Leads & Copy — CMX Gold & Silver Corp. is reporting substantial progress on its inaugural exploration program at the 100%-owned Clayton Silver Project in Idaho, USA. Approximately two-thirds of combined extensive 3D Induced Polarization (IP) and Magnetotelluric (MT) geophysical surveys, conducted by DIAS Geophysical, are complete. The company anticipates receiving comprehensive results for both surveys in early December 2026.

The geophysics program is expected to provide the first model of the underground system of mineralization in the absence of prior geophysical work or systematic exploration drilling that suggested potential beyond the historic Clayton Silver Mine. Modern geophysics is being applied with the expectation of identifying quality sub-surface drill targets on newly identified veins within the mineralized system, as well as extending the existing vein that is open to depth and to the north.

A visit to the property in the third week of September revealed the dedication and hard work of the DIAS field team, operating in a challenging mountain environment. Their rigorous approach is intended to ensure high-quality incoming data. Preliminary results appear to support this expectation.

Preliminary evidence suggests a potentially broader mineralized system that could comprise numerous veins and/or lenses within a network of fault-controlled veins, consistent with a carbonate replacement deposit model. Following the interpretation of final geophysical data, CMX plans to commence a diamond drilling program in early 2027 to test high-quality targets.

CMX is continuing its fundraising efforts through a non-brokered private placement of units priced at $0.25. Each unit consists of one share and one share purchase warrant, exercisable at $0.40 per share for two years from closing. Accredited investors and other exempt parties can acquire units under exemptions from prospectus requirements. All securities issued are subject to a statutory hold period of four months and one day from the closing date. The offering requires approval from the Canadian Securities Exchange.

The Clayton Silver Project, CMX's flagship asset, is located in the Bayhorse Mining District of central Idaho and spans a 1,028-acre land package. This includes 29 patented mining claims and two patented mill sites (approximately 562 acres), along with 20 unpatented claims (approximately 466 acres). The patented claims offer surface ownership rights, carry no government royalties, and do not require drilling permits.

The comprehensive geophysical program targets the historic mine and surrounding structures, utilizing a 3DIP survey and an MT survey. These surveys aim to delineate known and identify new vein structures, extend partially mined ore bodies, and evaluate deeper potential mineralization sources. Follow-up diamond drilling is planned to test priority targets.

The Clayton Silver Mine operated from 1935 to 1986, producing 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 of 1,100 feet, with nearly 19,700 feet of workings. The mine partially extracted two tabular ore bodies. Historical records and drilling indicate that mineralization remains open to depth and along strike. 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 notes a lack of exploration during the mine's operating life.

Richard Walker, CMX’s Vice President, Exploration, is a Qualified Person under National Instrument 43-101 and has reviewed and approved the technical and scientific information in this news release. Readers are cautioned that historical information referenced is not NI 43-101 compliant but is believed to be reliable.

Source: CMX Gold & Silver Corp.