CMX Gold & Silver Announces Warrant Exercise and Debenture Conversion

Calgary, Alberta — April 1, 2026 — Leads & Copy — CMX Gold & Silver Corp. (CSE: CXC; OTC: CXXMF) has announced the exercise of share purchase warrants and the conversion of debentures.

A total of 3,320,000 warrants were exercised to purchase 3,320,000 common shares of the company at a price of $0.10 per share. The warrants were issued under a private placement completed in 2021. Insiders exercised 2,300,000 warrants, while warrants for 1,520,000 shares were exercised by the settlement of $152,000 of debt.

The cash proceeds of $180,000 from the exercise of warrants for 1,800,000 shares will be applied to working capital.

Debentures aggregating $190,000 of principal were converted into 1,520,000 shares at a conversion price of $0.125 per share. The debentures were due March 31, 2027. Two insiders and three shareholders agreed to convert the debentures early.

CMX is proceeding with its previously announced non-brokered private placement financing for aggregate gross proceeds of up to $2,000,000. The offering is comprised of up to 8,000,000 units at $0.25 per unit, with each unit consisting of one share in the capital of the company and one warrant. Each warrant is exercisable for one share at a price of $0.40 per share within 24 months of the closing of the offering.

Proceeds from the offering will be used for a geophysical survey and an initial diamond drilling program on CMX’s Clayton Silver Project in Idaho, U.S.A.

The units will be sold to “accredited investors” and other exempt parties pursuant to exemptions from prospectus requirements under Canadian securities laws. The company may pay finders’ fees to third parties in connection with the offering. Securities issued under the offering are subject to restrictions on resale for a period of four months and a day from the date of closing.

The company is targeting closing the first tranche of the offering in April 2026.

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.

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.

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. 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.

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.

Richard Walker, M.Sc. (Geology), P.Geo., an independent consulting geologist and Qualified Person under National Instrument 43-101, reviewed and approved the technical and scientific information in the news release.

Securities sold in connection with the offering will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption.

Jan Alston, President & CEO of CMX stated, “The exercise of Warrants and conversion of Debentures demonstrates the confidence of management, directors and supporting shareholders in CMX’s plan to advance the Clayton Silver Project. This kind of support over the past decade has positioned the Company to capitalize on the current precious metals bull market, which in our opinion is still in its early stages.”

Source: CMX Gold & Silver Corp.