Silver Viper Further Amends Rubi-Esperanza Option Agreement

21 October 2023

Silver Viper Minerals Corp. nnounced today that, further to its press release April 6, 2023, it has amended the terms of the Rubi-Esperanza Option Agreement (the "Agreement") with respect to its right to purchase 100% ownership of three mineral concessions covering 2,102 hectares at the La Virginia Gold-Silver Project ("La Virginia" or the "La Virginia Project"), located in the Sierra Madre of eastern Sonora State, Mexico.

The amendment clarifies that the US$775,000 (or C$1,042,142.50, based on a fixed exchange rate of US$-C$ of 1.3447 set out in the amendment) of Shares issuable by the Company to satisfy as a portion of the final payment under the Agreement in June 2024, will be issued with a deemed price per Share equal to the higher of (i) the closing price of the Shares on the TSX Venture Exchange on June 24, 2024 or (ii) C$0.095. In addition, the amendment also sets out that the Company shall not issue more than 10,969,922 Shares in satisfying this portion of the consideration due to the vendors. As previously announced by the Company, in addition to such issuance of Shares, the Company will also make a cash payment of US$200,000 to the vendors.

In satisfaction of the Company's payment of the US$1,500,000 (or C$2,017,050, based on an exchange rate of US$-C$ of 1.3447) of Shares due to the vendors in April 2023 under the amended Agreement, the Company confirms it issued the vendors an aggregate of 16,808,750 Shares at a deemed price per share of C$0.12 on April 25, 2023.

All Shares issued in connection with the Agreement will be subject to a statutory 4-month hold period from their respective date of issue. In addition, for a one year period following the expiry of the applicable statutory hold period, the vendors may not sell such Shares and then may only do so after providing at least 2 weeks' notice to the Company of their intention to sell any such Shares.

The vendors are at arm's length to the Company and its Affiliates or Associates (as such terms are defined in the TSXV Corporate Financial Manual).