Mr. Colin Smith reports

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

First Andes Silver Ltd. has been granted three exploration licences comprising the Carrington project, the Stony Creek project and the Dartmoor project in New South Wales, Australia. The silver projects collectively cover approximately 454 square kilometres of highly prospective ground within the Lachlan orogenic belt, a region hosting numerous historic silver-gold mines and polymetallic mineral occurrences.

With the formal grant of the ELs, First Andes now holds full exploration rights across the projects, and is finalizing a soil, stream sediment and rock chip sampling program. The company expects to provide additional details on the coming exploration program within the next week.

About the silver projects

Carrington

Carrington is a 160-square-kilometre exploration licence (EL 9873) covering an iron-rich skarn system hosting gold-silver-lead-antimony mineralization within the Lachlan orogenic belt of southeastern New South Wales. Historic rock chip sampling of gossanous material has returned grades of up to 85 grams per tonne Au, 6,037 g/t Ag, 24.8 per cent Pb and 16.8 per cent Sb (see Sentinel Resources Corp. news release dated Oct. 13, 2020).

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. Aeromagnetic data define a strong magnetic corridor trending 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 km of prospective strike.

Stony Creek

Stony Creek is a 247-square-kilometre exploration licence (EL 9870) 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 interpreted as orogenic base metal to low-sulphidation epithermal vein systems developed along the west-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 m. Underground workings have been traced for over two km, 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

Dartmoor is a 47-square-kilometre exploration licence (EL 9879) 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 silver and 12 per cent copper, 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 electromagnetics 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 chief executive officer and director of First Andes, 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 is a discovery-focused resource company advancing the 100-per-cent-owned Santas Gloria project, a high-grade silver asset located 55 km east of Lima, Peru, in one of the country's most prolific mining districts. The project lies within a well-endowed intermediate-sulphidation epithermal belt and demonstrates district-scale potential with more than 12 km of mapped vein strike.

Using advanced WorldView-3 spectral analysis and systematic geochemical surveys, the company has delineated multiple kilometre-scale silver-in-soil anomalies across a large hydrothermal system that remained historically undrilled prior to 2024. Following successful 2024-2025 drilling that intersected strong near-surface silver mineralization in 21 of 26 holes, First Andes is accelerating exploration in 2026 to expand the high-grade footprint at Santas Gloria.

In addition to Santas Gloria, the company holds a portfolio of prospective silver exploration projects in New South Wales, Australia.

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