Minco Silver Purchases Stake in Sichuan Hexie Shuangma Cement Company

October 19, 2022

Minco Silver Purchases Stake in

Sichuan Hexie Shuangma Cement Company

Minco Silver Corporation (the "Company" or "Minco Silver") (TSX: MSV ) is pl eased to

announce that it has entered into a transfer agreement to acquire a stake in Sichuan Hexie

Shuangma Co., Ltd. (“Hexie”), one of the largest cement manufacturing companies in China and

the owner of several limestone mines.

Under the transfer agreement, the Company, through its wholly owned subsid iary, Minco Mining

(China) Co., Ltd. (“Minco China”) , will acquire an interest in the Tianjin Saikehuan Enterprise

Management Center Limited Partnership (the “Saikehuan LP”) from Tianjin Huaxin Anneng

Management Consulting Partnership LP (“Huaxin”) for RMB 119,762,699 (CAD$23.04 million) in

cash. Hexie currently has 763,360,918 outstanding shares, and an estimate total market

capitalization of RMB 15.8 billion. The Saikehuan LPs primary asset is an approximately 25%

stake in Hexie (a total of 190,977,024 sh ares). The Company’s stake in the Saikehuan LP gives

it an indirect interest in approximately 7,480,937 shares of Hexie (the “Hexie Shares”), or 0.98%

of Hexie’s total outstanding shares . The preliminary agreement was negotiated between the

Company and Huaxin on an arms-length basis.

The purchase price was funded exclusively from Minco Silver’s surplus working capital, and

represents an opportunity to earn a greater return than through traditional banking investments.

The Company did not anticipate requiring this capital for other purposes in the foreseeable future.

In conjunction with the proposed acquisition, Minco China has also entered into a restructuring

and distribution agreement with Saikehuan LP and its general partner pursuant to which the

parties will us e their best efforts to restructure the Saikehuan LP to initiate Minco China as a

direct holder of the Hexie Shares with the right to trade those shares directly on behalf of the

Saikehuan LP. Under the terms of th is restructuring agreement, the Company w ill be entitled to

recoup its entire purchase price from the proceeds of any sale of Hexie shares. Once the

purchase price has been recouped in full, all remaining proceeds will be divided as to 20% to the

general partner, with the remaining 80% distributed to Minco China.

The above transaction has been approved by Minco Silver’s board and Toronto Stock Exchange.

For more information on Minco Silver, please visit the Company's website at www.mincosilver.ca

or contact: the Company at 206 0 - 1055 W. Georgia St., Vancouver, BC, Canada, V6E 3R5, Tel:

(604) 688-8002, Fax: (604)688-8030, E-mail: [email protected], Website: www.mincosilver.ca.