Mr. Chris Paul reports

HERCULES SILVER ANNOUNCES CLOSING OF STRATEGIC INVESTMENT BY BARRICK GOLD CORPORATION

Hercules Silver Corp. today completed the previously announced non-brokered private placement, resulting in Barrick Gold Corp. subscribing for 21,265,370 units of Hercules Silver at a price of $1.10 per unit for gross proceeds to Hercules Silver of $23,391,907. The placement represents a significant step toward the equity requirements to finance the Hercules project and a strategic investment by Barrick in Hercules Silver.

Each unit consisted of one common share of Hercules and 0.32 of a common share purchase warrant. Each warrant has a term of two years and entitles the holder thereof to purchase one Hercules share for a price of $1.32 per Hercules share.

With the closing of the placement, Barrick now owns 12.33 per cent of the issued and outstanding Hercules shares on a non-diluted post-transaction basis and 15.02 per cent of the outstanding Hercules shares on a partially diluted post-transaction basis, assuming exercise of all warrants.

The proceeds from the placement will be used by Hercules Silver to explore the company's Hercules project located in western Idaho.

All securities issued in connection with the placement are subject to a four-month-and-one-day statutory hold period expiring March 8, 2024, in accordance with applicable securities laws.

In connection with the placement, Hercules Silver and Barrick also entered into an investor rights agreement, whereby, among other things, Barrick was granted certain participation rights, top-up rights, information rights and rights of first refusal, all as more particularly described in the company's news release dated Nov. 6, 2023.

Advisers

Gowling WLG (Canada) LLP acted as Canadian legal counsel to Hercules Silver and Davies Ward Phillips & Vineberg LLP acted as Canadian legal counsel to Barrick.

About Hercules Silver Corp.

Hercules Silver is a junior mining company focused on the exploration and development of the 100-per-cent-owned Hercules silver project, northwest of Cambridge, Idaho.

The Hercules project is a disseminated silver-lead-zinc system with 28,000 metres of historical drilling across 3.5 kilometres of strike. The additional discovery of a new porphyry copper system at depth in 2023 adds significant upside potential to the property. The company is well positioned for growth through the drill bit, having completed extensive surface exploration consisting of soil and rock sampling, geological mapping, and induced polarization geophysics.

The company's management team brings significant exploration experience through the discovery and development of numerous precious metals projects worldwide.

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