Mr. Peter Ball of Silver Hammer reports

SILVER HAMMER TERMINATES PURCHASE AGREEMENT WITH AURCANA SILVER CORPORATION AND FOCUSES ON ITS 100% CONTROLLED HIGH-GRADE SILVER PROJECTS IN IDAHO AND NEVADA

Further to the news release dated Sept. 28, 2023, Silver Hammer Mining Corp. has terminated the definitive share purchase agreement with Aurcana Silver Corp. in respect of the acquisition by the company of the Shafter silver deposit. The company will continue to focus on its highly prospective 100-per-cent-controlled portfolio of high-grade silver projects in Idaho and Nevada.

"The company completed a full and lengthy evaluation of Aurcana's Shafter mine with an experienced team of mine builders, silver explorers and capital market advisers. The opportunity was also reviewed with numerous investment houses from across North America and Europe, and the capital and interest was not available. As a result, we determined it is in the best interest of Silver Hammer's shareholders not to proceed with the acquisition," commented Peter A. Ball, president and chief executive officer of Silver Hammer. "The company still controls 100 per cent of three advanced, drill-ready, high-grade silver, brownfield projects in Idaho and Nevada that provide a significant opportunity for our shareholders. The silver market looks extremely promising for 2024 and has increased 20 to 22 per cent since the fall of 2023. I appreciate our shareholders' patience as we regroup and prepare to explore our portfolio that have never been drilled in 50 to 150 years. I look forward to working closing with our seasoned board of directors, which include experienced exploration executives Lawrence Roulston, Ron Burk and Don Birak, to advance our prospective and advanced projects."

2024 exploration portfolio review

Silver Strand silver project (previous producer), Idaho

Silver Hammer has received the acknowledgment from the U.S. Forest Service, subject to the payment of a reclamation bond, that the plan of operations application applied for on April 5, 2023, being approved. Please refer to the press release dated April 11, 2023.

Eliza high-grade silver and copper project, Nevada

Silver Hammer continues to advance its permitting efforts with the USFS and anticipates receiving approval of its plan of operations application in the second quarter of 2024. The application was originally submitted on April 26, 2023. Please refer to the press release dated May 2, 2023. The project contains multiple historical previous silver mines never subject to drilling or modern exploration. The company anticipates permitting to be completed by the end of Q2 2024.

Silverton silver project, Nevada

The Silverton mine silver project (a previous producer) is currently permitted for drilling, and the company's plan is to test areas around the existing mine.

These projects provide the company with three exciting, advanced, permitted exploration opportunities in 2024 for a discovery below and adjacent to multiple, previous silver producers.

Trading in the common shares of the company was halted on Sept. 27, 2023, upon announcement of the transaction in accordance with the policies of the Canadian Securities Exchange. As the transaction will not proceed, trading of the company's common shares is expected to resume on the CSE once approved by the CSE.

About Silver Hammer Mining Corp.

Silver Hammer is a junior resource company focused on advancing past-producing high-grade silver projects in the United States. Silver Hammer controls 100 per cent of the Silver Strand mine in the Coeur d'Alene mining district in Idaho, United States, as well as both the Eliza silver project and the Silverton silver mine in Nevada and the Lacy gold project in British Columbia, Canada. Silver Hammer's primary focus is defining and developing silver deposits near past-producing mines that have not been adequately tested. The company's portfolio also provides exposure to copper and gold discoveries.

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