Mr. John Miniotis reports

ABRASILVER REPORTS YEAR 2022 RESULTS

Abrasilver Resource Corp. has filed its audited annual consolidated financial statements for the years ended Dec. 31, 2022, and Dec. 31, 2021, related management's discussion and analysis, and annual information form of the year ended Dec. 31, 2022. Copies of the annual filings can be viewed on the company's SEDAR page.

In connection with the Ontario Securities Commission's review of the company's preliminary base shelf prospectus filing, the OSC staff requested certain corrective disclosures be made by the company in the annual filings. In particular, during the year ended Dec. 31, 2022, the company has made certain corrective disclosures in accounting for the consideration payable under the second amended and restated share purchase agreement among SSR Mining Inc., Huayra Minerals Corp., Abrasilver and Fitzcarraldo Ventures Inc. dated as of March 21, 2017, as amended on Dec. 31, 2017, and as further amended on Sept. 11, 2019, which previously resulted in an understatement of mineral property interests, consideration payable, accumulated deficit and accumulated other comprehensive loss as at Jan. 1, 2021, and Dec. 31, 2021. The company previously disclosed the unpaid remaining consideration of $7-million (U.S.) as a commitment. The company has remedied this by recognizing the remaining consideration payable as at Jan. 1, 2021, of $7-million (U.S.), discounted at 15-per-cent discount rate per annum, with an estimated payment date of July 31, 2025. The company has also recognized a corresponding addition to mineral property interests since the date of the Diablillos SPA, considering the hyperinflation impact in the company's subsidiary. The consideration payable has been accreted.

As a result of the filing of this corrective disclosure, the company will be placed on the public list of refiling and errors in accordance with OSC staff Notice 51-711 (revised) (Refilings and Corrections of Errors).

About Abrasilver Resource Corp.

Abrasilver is an advanced-stage exploration company focused on rapidly advancing its 100-per-cent-owned Diablillos silver-gold project in the mining-friendly Salta province of Argentina. The current measured and indicated mineral resource estimate for Diablillos consists of 51.3 million tonnes grading 66 grams per tonne silver and 0.79 gram per tonne gold, containing approximately 109 million ounces silver and 1.3 million ounces gold, with significant further upside potential based on recent exploration drilling. The company is led by an experienced management team and has long-term supportive shareholders, including Eric Sprott. In addition, Abrasilver owns a portfolio of earlier-stage copper-gold projects, including La Coipita copper-gold project in the San Juan province of Argentina. Abrasilver is listed on the TSX Venture Exchange under the symbol ABRA and in the United States under the symbol ABBRF.

We seek Safe Harbor.