IMPACT SILVER CORP — Proxy Solicitation & Information Statement 2026

May 15, 2026

IMPACT SILVER CORP.
303 - 543 Granville Street
Vancouver, British Columbia V6C 1X8
Telephone #: (604) 664-7707

NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS

NOTICE IS GIVEN THAT the annual general meeting (the “Meeting”) of the shareholders of IMPACT Silver Corp. (the “Company”) will be held at 303 - 543 Granville Street, Vancouver, B.C., V6C 1X8 on Thursday, June 25, 2026 at 10:00 a.m. (Vancouver time) for the following purposes:

1. to receive the Company’s audited consolidated financial statements for the financial year ended December 31, 2025 and the auditor’s report thereon;
2. to fix the number of directors for the ensuing year at seven;
3. to elect directors for the ensuing year;
4. to appoint PricewaterhouseCoopers LLP, Chartered Professional Accountants, as the Company’s auditor for the ensuing fiscal year and to authorize the directors to set the auditor’s remuneration;
5. to approve the Company’s Omnibus Equity Incentive Plan, as more particularly described in the accompanying management information circular of the Company; and
6. to transact such other business as may properly be brought before the Meeting or any adjournment thereof,

all as more particularly set out in the attached Information Circular. The form of proxy accompanies this Notice. The Information Circular provides additional information relating to the matters to be dealt with at the Meeting and is deemed to form part of this Notice.

The Company has opted to use the notice-and-access rules developed by Canadian Securities Administrators to reduce the volume of paper in the materials distributed for the Meeting. Instead of receiving the Information Circular with the form of proxy or voting instruction form, Shareholders received a notice-and-access notification with instructions for accessing the remaining Meeting materials online. The Information Circular and other relevant materials are available via the internet at https://impactsilver.com/investors/investor-briefcase/ or on the Company’s SEDAR+ profile at www.sedarplus.ca.

The Company’s Board of Directors has fixed May 5, 2026 as the record date for the determination of shareholders entitled to notice of and to vote at the Meeting and at any adjournment or postponement thereof. Each registered shareholder at the close of business on that date is entitled to such notice and to vote at the Meeting in the circumstances set out in the accompanying Information Circular. Registered shareholders who are unable to attend the meeting are requested to read the notes included in the enclosed form of Proxy and then to complete, date, sign and mail, e-mail or fax the Proxy, or to complete and submit the Proxy on the internet, in accordance with the instructions set out in the Proxy and in the Information Circular.

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DATED at Vancouver, British Columbia, this 5th day of May, 2026.

BY ORDER OF THE BOARD OF DIRECTORS

Per: (signed) “Frederick W. Davidson”

Name: Frederick W. Davidson

Title: Director, President & Chief Executive Officer

If you are a non-registered shareholder of the Company and receive these materials through your broker or through another intermediary, please complete and return the materials in accordance with the instructions provided to you by your broker or by the other intermediary. Failure to do so may result in your shares not being eligible to be voted by proxy at the Meeting.

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IMPACT SILVER CORP

NOTICE AND ACCESS NOTIFICATION

ANNUAL GENERAL MEETING OF SHAREHOLDERS OF IMPACT SILVER CORP.

TO BE HELD ON THURSDAY, JUNE 25, 2026

NOTICE IS GIVEN to the shareholders of IMPACT Silver Corp. (the “Company”) under the notice-and-access provisions for the delivery of meeting materials in respect of its annual general meeting of shareholders to be held on Thursday, June 25, 2026 at 10:00 am (Vancouver time) (the “Meeting”). Under notice-and-access, instead of receiving printed copies of the Company’s information circular (the “Information Circular”) and, if requested, the audited consolidated financial statements for the year ended December 31, 2025 and management’s discussion and analysis thereon, the Company is providing shareholders this notice with information on how they may access the Meeting materials electronically. However, together with this notification, shareholders continue to receive a proxy or voting instruction form, as applicable, enabling them to vote at the Meeting. The use of this alternative means of delivery will help reduce paper use, printing and mailing costs.

MEETING DATE, TIME AND LOCATION

WHEN: Thursday, June 25, 2026 at 10:00 a.m. (Vancouver time)

WHERE: 303 – 543 Granville Street, Vancouver, BC, V6C 1X8

MATTERS TO BE CONSIDERED AND/OR VOTED UPON AT THE MEETING

• Financial Statements: Although no vote is required, shareholders will receive and consider the Company’s audited consolidated financial statements for the years ended December 31, 2025 and the auditor’s report thereon.
• Number of Directors: Shareholders will be asked to fix the number of directors to be elected at the Meeting at seven (7). Information respecting the number of directors may be found in the “Setting the Number of Directors” section of the Information Circular.
• Election of Directors: Shareholders will be asked to elect directors for the ensuing year. Information respecting the election of directors may be found in the “Election of Directors” section of the Information Circular.

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• Appointment of Auditors: Shareholders will be asked to appoint PricewaterhouseCoopers LLP, Chartered Professional Accountants as the Company's auditor for the ensuing year and authorize the directors to fix their remuneration. Information respecting the appointment of PricewaterhouseCoopers LLP, Chartered Professional Accountants may be found in the "Particulars of Matters to be Acted on - Appointment of Auditors" section of the Information Circular.

• Omnibus Equity Incentive Plan: Shareholders will be asked to approve, by ordinary resolution, the Omnibus Equity Incentive Plan. Information respecting the Omnibus Plan may be found in the "Particulars of Matters to be Acted on - Approval of Omnibus Equity Incentive Plan" section of the Information Circular.

• Other Business: Shareholders may be asked to consider other items of business that may be properly brought before the meeting. Information respecting the use of discretionary authority to vote on any such other business may be found in the Information Circular.

Shareholders are reminded to view the meeting materials, including the Information Circular, prior to completing the proxy or voting instruction form.

WEBSITES WHERE MEETING MATERIALS ARE POSTED:

Meeting materials can be viewed online under the Company's SEDAR profile at www.sedarplus.ca and also at https://impactsilver.com/investors/investor-briefcase/.

HOW TO OBTAIN COPIES OF THE MEETING MATERIALS

Shareholders may request that paper copies of the Meeting materials be sent to them by postal delivery at no cost to them. Requests for paper copies of the Meeting materials should be received by the Company no later than Thursday June 4, 2026, being 21 days in advance of the Meeting date, in order to receive the Meeting materials in advance of the proxy deposit date and Meeting date. Shareholders who wish to receive paper copies of the Meeting materials may request copies by calling the Company at (604) 664-7707 or by email at inquiries@impactsilver.com.

VOTING

PLEASE NOTE - YOU CANNOT VOTE BY RETURNING THIS NOTICE.

To vote your securities you must vote via telephone or online as noted in Voting Instruction Form / Proxy or by mailing the enclosed Voting Instruction Form / Proxy for receipt before Tuesday, June 23, 2026 at 10:00 am (Vancouver time) using the enclosed Business Reply Envelope, in order for your Voting Instruction Form / Proxy to be valid and acted upon at the Meeting.

Shareholders with questions about the notice-and-access provisions can call Computershare Investor Services Inc. toll-free at 1-800-564-6253 or 514-982-7555 for holders outside of Canada and the United States.