Mr. Ian Harris reports

OUTCROP SILVER ANNOUNCES CLOSING $3.45 MILLION PUBLIC OFFERING, INCLUDING THE FULL EXERCISE OF THE OVER-ALLOTMENT OPTION

Outcrop Silver & Gold Corp. has closed its previously announced public offering of 23 million units of the company at a price of 15 cents per unit for aggregate gross proceeds of $3.45-million, including the full exercise of the overallotment option. The offering was led by Research Capital Corp., as the sole agent and sole bookrunner.

Each unit comprises 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 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.

In connection with the offering, the company has filed a prospectus supplement dated March 11, 2024, to the company's short form base shelf prospectus dated Aug. 18, 2023, with the securities regulatory authorities in each province of Canada (except Quebec). Copies of the shelf prospectus, and the supplement filed in connection with the offering, can be found on SEDAR+. The shelf prospectus and the supplement 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.

In connection with the offering, the agent received a cash commission equal to 6 per cent of the gross proceeds from the sale of units pursuant to the offering (except for certain orders on a president's list at a reduced fee) and 1.35 million brokers' warrants. Each broker's warrant entitles the holder thereof to purchase one common share at an exercise price equal to 15 cents for a period of 24 months following the closing of the offering.

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.