Mr. Ian Harris reports

OUTCROP SILVER ANNOUNCES $3 MILLION PUBLIC OFFERING OF UNITS

Outcrop Silver & Gold Corp. has entered into an agreement with Research Capital Corp., as the sole agent and sole bookrunner, in connection with a best efforts, marketed public offering of units of the company for aggregate gross proceeds of up to $3-million at a price of 15 cents per unit.

Each unit will comprise one common share of the company and one common share purchase warrant of the company. Each warrant will entitle the holder thereof to purchase one common share at an exercise price of 22 cents for a period of 24 months following the closing of the offering.

The company has granted the agent an option to increase the size of the offering by up to an additional number of units, and/or the components thereof, that in the aggregate would be equal to approximately 15 per cent of the total number of units to be issued under the offering, to cover overallotments, if any, and for market stabilization purposes, exercisable at any time and from time to time up to 30 days following the closing of the offering.

The net proceeds from the offering will be used by the company for the exploration and development of the Santa Ana project, working capital and general corporate purposes.

The closing of the offering is expected to occur on or about the week of March 11, 2024, or on such date as agreed upon between the company and the agent, and is subject to the company receiving all necessary regulatory approvals, including the approval of the TSX Venture Exchange to list, on the date of closing, the common shares and the common shares issuable upon exercise of the warrants and brokers' warrants thereon.

In connection with the offering, the company intends to file a prospectus supplement to the company's short form base shelf prospectus dated Aug. 18, 2023, with the securities regulatory authorities in each of the provinces of Canada (except Quebec). Copies of the shelf prospectus, and the supplement to be filed in connection with the offering, can be found on SEDAR+. The shelf prospectus contains, and the supplement will contain, important detailed information about the company and the offering. Prospective investors should read the supplement, the accompanying shelf prospectus and the other documents the company has filed on SEDAR+ before making an investment decision.

About Outcrop Silver & Gold Corp.

Outcrop Silver is advancing the high-grade Santa Ana silver deposit, with exploration activities aiming to expand the current mineral resource. Santa Ana is being advanced by a highly disciplined and seasoned professional team with decades of experience in Colombia.

We seek Safe Harbor.