Mr. Colin Smith reports

FIRST ANDES SILVER PROVIDES EXPLORATION PROGRAM UPDATE, SANTAS GLORIA PROJECT, PERU

First Andes Silver Ltd. today provided an update on the continuing systematic property-wide exploration program at the company's 100-per-cent-owned Santas Gloria project, located approximately 55 kilometres east of Lima, Peru. For additional information on the exploration program scope, please refer to news release dated Nov. 10, 2025.

Key points summary:

• Phase 1 soil sampling has been completed ahead of schedule and under budget:
  • 1,037 soils collected, covering over 6.5 kilometres (km) of cumulative vein strike length;
  • Phase 1 focused on the northern veins, including Maribel, Paquita, Rosario, Eulalia, Kelly and several unnamed vein sets;
  • Samples have been submitted to ALS, Lima, for full multielement ICP analysis, with results anticipated in four to five weeks.
• WorldView 3 (WV-3) satellite successfully captured image and spectral data over Santas Gloria:
  • 100-per-cent clean, unobstructed capture, translating to high data quality;
  • QA/QC (quality assurance/quality control) and data processing has commenced;
  • Delivery of final mineral alteration mapping products expected in three to four weeks.
• Phase 2 soil sampling (phase 2 -- southern veins) will commence after the wet season (approximately March), which will also allow for full receipt and interpretation of phase 1 assays and WV-3 data;
• A 15-kilogram core sample of Ag-Pb-Zn-Au (silver-lead-zinc-gold) mineralized oxide vein has been collected from San Jorge drill hole SG003 for preliminary metallurgical testwork at SGS Lakefield, Ont.; prior leaching results indicated a plus 80-per-cent Ag recovery to solution on upper-level oxide mineralization (see news release dated Aug. 9, 2021).

"Completing phase 1 soils ahead of schedule and under budget, alongside a 100-per-cent clean WorldView-3 capture, puts us in a very strong position heading into the next phase of work at Santas Gloria. Over the next several weeks we will be integrating multielement soil geochemistry, and high-resolution spectral alteration mapping to refine our targeting along the full epithermal district," stated Colin Smith, chief executive officer and director of First Andes Silver. "By the time the wet season subsides and phase 2 soils get under way, we expect to have a much sharper, data-driven view of where to focus future exploration efforts to unlock the broader high-grade silver potential of the district."

Phase 1 soil sampling

A total of 1,037 soil samples were collected 25 metres apart along north-south-orientated lines (21 total), transecting over 6.5 kilometres of mapped intermediate-sulphidation veins in the northern have of Santas Gloria. Soil sample lines extended 200 metres past the surficial trace of all known veins to facilitate detection of critical zonation patterns and hidden extensions to veins along strike.

The property-wide soil program is designed to establish a robust geochemical framework across the Santas Gloria district, positioning First Andes to both identify new, previously unrecognized anomalies and sharpen the footprint of existing mineralized trends. By integrating the soil data set with WV-3 spectral products, detailed mapping, rock and channel sampling, and future geophysics, the company will be able to methodically rank and advance the highest-priority targets toward phase 4 drilling -- an important step in realizing the broader discovery potential of the Santas Gloria intermediate-sulphidation vein system.

WorldView-3 Spectral alteration mapping

The WV-3 satellite has successfully acquired high-resolution multispectral and short-wave infrared (SWIR) imagery over the entire Santas Gloria vein field, and potential extensions thereof (50 square kilometres). The acquisition was 100 per cent cloud and shadow-free, providing an exceptionally clean data set and a strong foundation for detailed mineral alteration mapping. QA/QC (quality assurance/quality control) checks and initial data processing are now under way, with delivery of the final WV-3 alteration products expected within the next three to four weeks.

The WV-3 spectral data will be used to systematically map key hydrothermal alteration minerals associated with intermediate-sulphidation epithermal Ag-Pb-Zn-Au systems across the district. Once received, these products will be integrated with the phase 1 soil geochemical results, detailed geological mapping, rock and channel sampling, and geophysics to highlight new blind or weakly expressed targets and refine the geometry of known mineralized corridors. This integrated targeting work will directly inform the design and prioritization of future drilling campaigns at Santas Gloria.

Metallurgical testwork

A 15-kilogram composite core sample of Ag-Pb-Zn-Au mineralized oxide vein material from San Jorge drill hole SG003 has been collected and submitted to SGS Canada Inc. (Lakefield, Ont.) for cyanide leach testing under previously optimized conditions. This follow-up program builds on earlier metallurgical work completed on an oxide sample from Santas Gloria, which returned overall gravity plus cyanidation recoveries of more than 97 per cent for gold and 82 per cent for silver, and whole-material cyanidation recoveries of 98.8 per cent for gold and 71.2 per cent for silver under similar leach conditions. Results are anticipated in six to eight weeks.

Qualified person

Colin Smith, PGeo, a qualified person under National Instrument 43-101, has reviewed and approved the technical information contained in this news release. Mr. Smith serves as chief executive officer and director of First Andes Silver and is a shareholder of the company.

About First Andes Silver Ltd.

First Andes Silver is a British Columbia company that holds a 100-per-cent interest in the high-grade Santas Gloria silver property, located in a major mining district 55 kilometres east of Lima, Peru. Santas Gloria has excellent established road access, and is situated within a well-known intermediate sulphidation epithermal belt, and hosts over 12 km of multiphase veins mapped at surface which had never been historically drilled or explored by modern techniques before 2024. First Andes' maiden diamond drill program last year reported high-grade silver grades on all drilled vein systems confirming silver endowment and warranting high-priority follow-up drilling in 2025.

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