Mr. Colin Smith reports

FIRST ANDES SILVER PROVIDES DRILL TARGETING UPDATE FOR SANTAS GLORIA PROJECT, PERU

First Andes Silver Ltd. today provided an update on drill targeting for the company's planned drill program at its 100-per-cent-owned Santas Gloria project, located approximately 55 kilometres east of Lima, Peru.

Key points summary

• Finalizing drill targets: First Andes is finalizing plans for 3,000 metres (m) of diamond drilling;
• Property-wide focus: intermediate-sulphidation epithermal (ISE) veins to be tested include Tembladera, San Jorge, Paquita and Maribel;
• Tembladera: largely undrilled, with a cumulative strike length of approximately four kilometres (km) and underground channel samples grading more than 10,000 grams per tonne Ag (silver);
• San Jorge: cumulative strike length of approximately 2.7 kilometres, with 17 of 21 holes to date having returned reportable silver intercepts and mineralization remaining open along strike and at depth;
• Maribel and Paquita: approximately 2.6 km combined strike, with all three 2024 drill holes returning intercepts, new soil data refining targets and mineralization remaining open along strike and at depth;
• Drill contractor engaged: the company has engaged Explomin del Peru SAC, a Major Drilling company, to conduct the program;
• Specialized drill rig: the program is expected to use a compact, track-mounted underground-style diamond drill adapted for surface operation;
• Enhanced targeting: candidate rig can drill at inclinations ranging from horizontal (zero degrees) to vertically downward (negative 90 degrees), enabling previously inaccessible parts of the vein systems to be tested;
• Permitting advancing: the company is advancing the permitting process for additional drill platforms and associated environmental approvals.

"This planned 3,000-metre program will be our most ambitious campaign at Santas Gloria, combining follow-up drilling of high-grade silver mineralization with new targets across four priority vein systems," stated Colin Smith, chief executive officer and director of First Andes Silver. "Targeting at San Jorge and Tembladera integrates previous drilling, underground sampling, historical workings and updated structural interpretation, while new soil geochemistry has refined targets at Maribel and Paquita. The specialized rig will allow us to test previously inaccessible extensions, particularly at Tembladera and San Jorge."

Drill targeting summary

Tembladera

The Tembladera system comprises three principal veins with a cumulative strike length of approximately four kilometres and remains largely undrilled. Historical underground channel sampling returned silver grades of more than 10,000 g/t Ag, while small-scale historical workings expose portions of the mineralized system (see news release dated June 2, 2021). Two holes were completed during 2024, with SG015 returning 0.87 metre grading 131.4 g/t AgEq (silver equivalent) (72 g/t Ag, 0.05 g/t Au, 0.71 per cent Pb and 1.19 per cent Zn), including 0.42 metre grading 224 g/t AgEq (127 g/t Ag, 0.04 g/t Au, 1.25 per cent Pb and 2.0 per cent Zn) (see news release dated Oct. 29, 2024). Planned drilling will target down-dip and strike extensions of high-grade mineralization beneath and adjacent to the historical workings.

San Jorge

The San Jorge vein has been traced for approximately 2.7 kilometres and drill tested over only approximately 400 metres of strike. The structure was intersected in all 21 holes drilled during 2024 and 2025, with 17 holes returning reportable silver intercepts (see news release dated Nov. 3, 2025). Highlights include 7.43 metres grading 224 g/t AgEq (193 g/t Ag, 0.05 g/t Au, 0.34 per cent Pb and 0.30 per cent Zn) in SG003, including 0.95 metre grading 754 g/t AgEq (701 g/t Ag, 0.08 g/t Au, 1.07 per cent Pb and 0.62 per cent Zn); 3.90 metres grading 268.2 g/t AgEq (249 g/t Ag, 0.12 g/t Au, 0.32 per cent Pb and 0.14 per cent Zn) in SG022, including 0.70 metre grading 638.1 g/t AgEq (606 g/t Ag, 0.18 g/t Au, 0.68 per cent Pb and 0.12 per cent Zn); and 6.20 metres grading 190.5 g/t AgEq (165 g/t Ag, 0.20 g/t Au, 0.17 per cent Pb and 0.23 per cent Zn) in SG017, including 0.60 metre grading 578.6 g/t AgEq (534 g/t Ag, 0.32 g/t Au, 0.24 per cent Pb and 0.57 per cent Zn) (see news releases dated Oct. 29, 2024, and Aug. 21, 2025). Planned drilling will test down-dip and strike extensions below the predominantly oxidized horizons tested to date, together with near-surface zones above historical stopes that could not previously be tested using conventional surface drill rigs.

Maribel

The Maribel vein has been mapped over approximately 1.3 kilometres of strike and is characterized by a steeply dipping, silver-gold-base-metal mineralized structure. The only hole drilled at Maribel, SG010, returned 4.40 metres grading 134 g/t AgEq (80 g/t Ag, 0.44 g/t Au, 0.16 per cent Pb and 0.34 per cent Zn), including 2.66 metres grading 192 g/t AgEq (117 g/t Ag, 0.70 g/t Au, 0.15 per cent Pb and 0.28 per cent Zn) (see news release dated Oct. 29, 2024). Recent soil sampling also defined an approximately 550-by-200-metre silver-in-soil anomaly centred on the mapped vein corridor, with elevated values closely associated with interpreted structural complexity (see news release dated March 2, 2026). Follow-up drilling will test the continuity of mineralization below the near-surface oxide horizon and along strike.

Paquita

The Paquita vein has been mapped over approximately 1.25 kilometres of strike and locally reaches widths of up to five metres. Two holes completed during 2024 returned reportable silver intercepts, led by SG011 with 3.30 metres grading 110 g/t AgEq (64 g/t Ag, 0.31 g/t Au, 0.15 per cent Pb and 0.28 per cent Zn), including 0.48 metre grading 391 g/t AgEq (310 g/t Ag, 0.89 g/t Au, 0.02 per cent Pb and 0.02 per cent Zn) (see news release dated Oct. 29, 2024). Phase 1 soil sampling subsequently defined a strong, coherent silver-in-soil anomaly measuring approximately 500 by 140 metres and aligned with the mapped vein corridor (see news release dated March 2, 2026). Planned drilling will test the down-dip continuity of the known mineralization and priority targets identified through the new geochemical data.

Technical notes

All reported drill intervals represent drill-core lengths; true widths have not yet been determined. Silver-equivalent (AgEq) values for both the 2024 and 2025 drilling were calculated using metal prices of $28 (U.S.)/oz Ag, $2,500 (U.S.)/oz Au, $2,100 (U.S.)/t Pb and $2,900 (U.S.)/t Zn. The 2024 AgEq calculations were originally reported using assumed recoveries of 100 per cent. The 2025 AgEq calculations applied recoveries of 88.1 per cent Ag, 80.9 per cent Au, 79.3 per cent Pb and 64.4 per cent Zn, based on the company's 2021 metallurgical testwork (see news release dated July 23, 2021).

Qualified person

Dr. Christopher Wilson, PhD, FAusIMM (CP), FSEG, FGS, a qualified person under National Instrument 43-101, has reviewed and approved the technical information contained in this news release. Dr. Wilson is not independent and serves as chief geologist of First Andes Silver and owns securities of the company.

About First Andes Silver Ltd.

First Andes Silver 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 to 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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