Mr. Joseph Hebert reports

OUTCROP SILVER DISCOVERS THREE NEW HIGH-GRADE TARGETS AT SANTA ANA WITH ASSAYS UP TO 58 GRAMS PER TONNE OF GOLD AND 2,987 GRAMS PER TONNE OF SILVER

Outcrop Silver & Gold Corp. has released results from its regional exploration and target generation program at its 100-per-cent-owned Santa Ana high-grade silver project in Colombia. Outcrop continues to generate and discover new vein targets through its regional generation program on the northern portion of the Santa Ana project.

Highlights:

• Discovered the Palomos vein with underground channel samples up to 25 grams per tonne (g/t) gold (Au) and 495 g/t silver (Ag).
• Discovered La Linda vein with samples up to nine g/t gold and up to 2,987 g/t silver.
• Discovered the potential Murillo ore shoot at the intersection of the Paraiso and El Dorado veins, with channel samples from outcrop up to 58 g/t of gold and 2,860 g/t of silver.
• The Palomos and La Linda discoveries extend the known vein systems to the east and west, respectively extending the potential for parallel veins across the Santa Ana vein system to a zone three kilometres wide.

"Our regional generation program continues to reveal the great potential for Santa Ana," comments Guillermo Hernandez, vice-president of exploration. "Targets generated will be tested in the current drill campaign. Drilling is expected to add potential resource areas to ultimately expand the maiden resource."

"We are currently generating and testing targets close to the existing resource," comments Joseph Hebert, chief executive officer. "Generating and drilling close-in targets provides a favourable economy to drill costs, before extending work to numerous quality targets to the north and south."

Palomos

Palomos was discovered through mapping and rock sampling campaigns as a follow-up from the regional soil sampling geochemical surveys. It is characterized by quartz vein or vein-fault oriented northeast and moderately dipping southeast, that can be traced 400 metres along surface with outcrops and old mine workings. The Palomos vein is subparallel and 550 metres east of the Santa Ana vein system.

Underground channel samples in the Palomos 2 historic mine reported assays up to 25 g/t gold and 495 g/t silver. Related outcropping veins showed up to 8.26 g/t gold and 713 g/t silver (see the table entitled "Significant rock sample assays from the Palomos vein target").

La Linda

La Linda was discovered through mapping and prospecting as a follow-up from the regional soil geochemical survey. La Linda is an outcropping quartz vein that trends southeast and dips moderately to steeply northeast. La Linda vein can be traced for almost 500 metres based on outcrops and float that contains pyrite, galena and sphalerite hosted in schists. La Linda vein is parallel and 800 metres west of El Dorado vein.

Float vein cobbles returned up to 9.15 g/t of gold and 2,987 g/t of silver. Channel samples of vein outcrop returned 9.15 and 6.5 g/t of gold (see the table entitled "Significant rock sample assays from La Linda vein target").

Murillo

Murillo is at the intersection of the Paraiso vein's northwestern extension and El Dorado vein's southern extension. Exploration work, including mapping outcrops, extended the Paraiso vein's lateral extent significantly to the northwest. Assays from channel samples in quartz vein returned up to 58.07 g/t of gold and high-grade silver up to 2,860 g/t. The southern extension of El Dorado vein reported assays up to 12.73 g/t of gold (see the table entitled "Significant rock chip sample assays from Murillo").

Quality assurance/quality control

Rock samples were sent to either ALS, Actlabs or SGS in Medellin, Colombia, for preparation. Samples delivered to Actlabs were AA (atomic absorption) assayed on Au, Ag, Pb (lead) and Zn (zinc) at Medellin, then sent to Actlabs Mexico for ICP (inductively coupled plasma) multielemental analysis. Samples sent to ALS then were shipped to ALS Lima for assaying. Samples delivered to SGS were AA assayed for Au and Ag in Medellin, then sent to SGS Lima for multielement analysis. In line with QA/QC best practices, approximately three control samples are inserted per 20 samples (one blank, one standard and one field duplicate). The samples are analyzed for gold using a standard fire assay on a 30-gram sample with a gravimetric finish when surpassing overlimits. Multielement geochemistry is determined by ICP-MS (inductively coupled plasma mass spectrometry) using aqua regia digestion. Comparison with control samples and their standard deviations indicate acceptable accuracy of the assays and no detectible contamination.

About Santa Ana

The 100-per-cent-owned Santa Ana project comprises 27,000 hectares, 190 kilometres from Bogota, Colombia. Santa Ana consists of regional-scale parallel vein systems across a trend 12 kilometres wide and 30 kilometres long, covering a majority of the Mariquita district. The Mariquita district is Colombia's highest-grade primary silver district, where mining records date to at least 1585, with historic silver grades reported to be among the highest in Latin America from dozens of mines.

Santa Ana's maiden resource estimate contains an estimated indicated resource of 24.2 million ounces of silver equivalent at a grade of 614 g/t silver equivalent and an inferred mineral resource of 13.5 million ounces silver equivalent at a grade of 435 g/t silver equivalent, based on the National Instrument 43-101 technical report titled "Santa Ana Property Mineral Resource Estimate," dated June 8, 2023, and prepared by AMC Mining Consultants. The resource comprises the seven vein systems (commonly containing multiple parallel veins and multiple ore shoots) discovered to date: Santa Ana (San Antonio, Roberto Tovar and San Juan shoots); La Porfia (La Ivana); El Dorado (El Dorado and La Abeja shoots); Paraiso (Megapozo); Las Maras; Los Naranjos; and La Isabela.

Veins with similar high grade and thickness exist along strike toward the south, forming a high-grade silver-enriched trend that extends for 30 kilometres. Outcrop Silver's exploration team has identified numerous additional veins based on high-grade samples from outcrop and historical workings that have yet to be drill tested. Outcrop Silver remains focused on identifying new vein targets with high-grade potential, and adding substantially derisked mineralized silver-bearing veins that will increase the published maiden resource.

About Outcrop Silver & Gold Corp.

Outcrop Silver is rapidly advancing the Santa Ana high-grade silver deposit, including with continuing drilling to expand the initial resource. Santa Ana is being advanced by a highly disciplined and seasoned professional team with decades of experience in Colombia.

Qualified person

The technical information in this news release has been approved by Mr. Hebert, a qualified person as defined in NI 43-101, and president and chief executive officer of Outcrop.

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