Mr. Colin Smith reports

FIRST ANDES SILVER ANNOUNCES CONDITIONAL GRANT OF EXPLORATION LICENCES IN NEW SOUTH WALES, AUSTRALIA

First Andes Silver Ltd. today provided an update on its proposed acquisition of three silver-focused exploration projects known as the Carrington project, the Stony Creek project and the Dartmoor project, located in New South Wales, Australia.

Southern Star Pty. Ltd. (the vendor), the seller of the silver projects, has received notification from NSW Resources of the conditional grant of the exploration licences that comprise the Carrington, Stony Creek and Dartmoor projects for a period of six years. Final grant is subject to the payment of the applicable security deposits, being $10,000 (Australian) per exploration licence and the annual rental fees totalling $9,960 (Australian).

With the conditional grant of the exploration licences and the increase in silver prices, First Andes has prepared a staged exploration plan designed to systematically advance the Silver projects. Following completion of the acquisition, the company intends to initiate fieldwork with soil and stream-sediment geochemistry to prioritize targets for follow-up surface work and potential future drill testing.

"We are pleased to see meaningful progress toward securing these three highly prospective exploration licences in New South Wales," stated Colin Smith, chief executive officer of First Andes Silver. "With a lean, execution-focused team, we can advance two diverse exploration programs efficiently and with tight cost control, driving early stage target generation in Australia while continuing to build momentum at Santas Gloria in Peru. First Andes' drilling has reported high-grade silver across multiple vein systems, and we are now executing property-wide, systematic exploration designed to prioritize the next generation of drill targets, supported by a multikilometre zoned alteration target defined from WorldView-3 SWIR data that helps vector to the potential core of the broader epithermal system."

The company anticipates it will complete the acquisition of Silver projects within the next week, subject to final acceptance of the TSX Venture Exchange. Details of the transaction are set forth in the company's news release dated Dec. 9, 2025.

About the silver projects

Carrington (ELA 6982)

Carrington is a 160-square-kilometre exploration licence application covering an iron-rich skarn system with Au-Ag-Pb-Sb (gold-silver-lead-antimony) mineralization located in the Lachlan orogenic belt of southeastern New South Wales. Two parallel mineralized structures lie east and west of a sandstone ridge, with the historic Carrington mine developed on the eastern structure and the Iron Duke prospect on the western structure. The prospects are hosted by limestone members of the Jerrara formation and are spatially associated with the regionally significant Yarralaw Fault.

Historic mining at Carrington exploited laterally extensive mineralized gossans up to six metres wide. Rock chip sampling of gossanous material has returned grades of up to 85 grams per tonne Au (gold), 6,037 g/t Ag (silver), 24.8 per cent Pb and 16.8 per cent Sb (see Sentinel Resources Corp. news release dated Oct. 13, 2020). Aeromagnetic data define a strong magnetic corridor that trends south from the Lockyersleigh granite through the Carrington mine and along strike within limestone units of the Jerrara formation, supporting the interpretation of an extensive iron-rich skarn system with more than 10 kilometres of prospective strike length.

Furthermore, the NSW government minview website states that over 0.5 million tonnes of iron gossan is present. This is significant given silver-gold mineralization is commonly associated with gossans developed above primary sulphide mineralization. The tonnage cited suggests a robust system.

Stony Creek (ELA 6983)

Stony Creek is a 247 square km licence application situated in the Lachlan orogenic Belt, covering a highly prospective corridor of Devonian volcanic rocks. The project hosts at least seven historic silver-gold mines and prospects, including the Stony Creek prospect and the Krawaree underground silver mine, which are classified as orogenic base-metal to low-sulphidation epithermal vein systems developed along the westerly dipping Gundillion Fault.

The Stony Creek prospect comprises an approximately 85-metre-wide alteration zone hosting quartz-sulphide vein stockworks. Historic rock-chip sampling has returned assays of up to 18.4 g/t Au and 212 g/t Ag, while historic drilling by Canyon Resources Pty. Ltd. in 1986 reported an intercept of five m grading 3.0 g/t Au.

Gundillions Reef, located approximately 1.4 km northwest of Stony Creek, is defined by a series of shafts, drives and small open pits that have been worked to depths of around 200 metres. Underground workings have been traced for over two kilometres and rock-chip grab samples have returned assays of up to 44 g/t Au and 150 g/t Ag, highlighting the potential for high-grade gold-silver shoots along the Gundillion Fault corridor (see Sentinel Resources news release dated Oct. 13, 2020).

Dartmoor (ELA 6981)

Dartmoor is a 47 square km exploration licence application located at the western margin of the Hill End and Cooma zones in the eastern Lachlan orogenic belt. The tenure includes two historic polymetallic mines, Dartmoor and Dartmoor East, interpreted to be of VHMS-Kuroko affinity. Mineralization is expressed as an extensive gossanous horizon that can be traced for over 1.5 km along strike.

Small-scale historic production at Dartmoor reportedly averaged approximately 980 g/t Ag and 12 per cent Cu, underscoring the high-grade nature of the system (see Sentinel Resources news release dated Oct. 13, 2020). First Andes views Dartmoor as a compelling target for the discovery of massive Au-Ag-base-metal sulphide lenses to be explored using a combination of modern EM geophysics, geochemistry and drilling.

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 CEO and director of First Andes Silver, and owns securities of the company.

Historical information

The company has not verified the historical sampling, drilling or production information referenced herein and is not relying on such information as a current statement of mineralization.

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 km east of Lima, Peru. Santas Gloria has excellent established road access, is situated within a well-known intermediate-sulphidation epithermal belt, and hosts over 12 km of multiphase veins mapped at surface that had never been historically drilled or explored by modern techniques prior to 2024. In only two phases of diamond drilling (2024 to 2025), First Andes has reported strong near-surface epithermal silver intercepts in 21 of 26 drill holes, confirming silver mineralization across multiple vein systems and supporting systematic, project-wide exploration, and follow-up drilling in 2026.

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