Mr. Jay Roberge reports

PANTERA SILVER COMMENCES INDUCED POLARIZATION SURVEY AT LA RIVIERA TARGET, RAKANCO SILVER PROJECT, BOLIVIA

Pantera Silver Corp. has commenced an induced polarization (IP) geophysical survey at the La Riviera target on its Rakanco silver project, located in the Mejillones and Sabaya provinces of the Oruro department in southwestern Bolivia.

The survey builds on the company's completed satellite spectral, drone magnetic and topographic surveys, and is the next step in Pantera's systematic approach to defining drill targets at Rakanco.

Jay Roberge, president and chief executive officer, commented: "Our surface work has shown us where the structures and alteration are. IP shows us what those structures do at depth. Layering these data sets takes us from a large, prospective district to specific drill targets ahead of our first drill program."

IP survey program

IP is an electrical geophysical method that measures the chargeability and resistivity of subsurface rocks. Modern IP techniques facilitate the 3-D definition of disseminated metallic mineralization, zones of alteration including veins and control faults. As mineralization at Rakanco may have little or no surface expression beneath volcanic cover, IP can assist with subsurface mapping of the mineralized systems.

The survey will be carried out in two phases. In the first phase, the contractor will complete an initial conventional 2-D IP survey across the La Riviera target area. This will comprise seven reconnaissance profiles using a pole-pole array, spaced 500 to 1,000 metres apart, for a total of 17 line kilometres. These lines will be oriented to cross the principal structural trends identified in the company's magnetic and remote-sensing data sets. This survey will investigate to a maximum depth of approximately 580 metres. Survey coverage will extend north from La Riviera to within 1.7 kilometres of the project's northern boundary, toward the Carangas silver deposit, testing the structural corridor between the two.

Guided by the results of the first phase, a follow-on IP survey that targets the highest-priority anomalies will employ a technique known as full-waveform distributed array induced polarization (or AG-DAS). AG-DAS provides high-resolution 3-D modelling of the anomalies to depths of at least 800 metres. Data processing and inversion modelling will be completed by the contractor.

The objectives of the survey are to:

• Identify chargeability and resistivity anomalies that may be associated with sulphide-bearing silver mineralization at depth;
• Map structural corridors and lithological contacts interpreted from the drone magnetic survey into the subsurface;
• Test the depth extent of alteration zones identified through the company's spectral satellite survey;
• Prioritize and refine drill targets ahead of the company's initial drill program.

Geological context

La Riviera lies within a regional volcanic caldera in the Carangas district, an area that hosts several significant precious metal systems. The target is situated between New Pacific Metals Corp.'s Carangas silver deposit on the eastern margin of the caldera and the historical Todos Santos mine on the southern margin. Caldera complexes and their associated hydrothermal activity are known globally for hosting major precious metal deposits. Pantera believes the alteration and structural patterns identified to date at Rakanco are consistent with a large hydrothermal system, which its exploration program is designed to evaluate systematically.

Information on the Carangas deposit and the Todos Santos mine is taken from publicly available sources and has not been verified by the company's qualified person. Mineralization on adjacent or nearby properties is not necessarily indicative of mineralization on the Rakanco project.

Next steps

On completion of the field program, Pantera expects to:

• Receive processed 2-D and 3-D inversion-modeled IP data;
• Undertake surface geological and structural mapping and sampling to improve understanding of the IP data;
• Integrate the IP results with existing spectral, magnetic and topographic data;
• Rank priority drill targets at La Riviera and design a phase 1 drill program.

Qualified person and National Instrument 43-101 disclosure

Dr. Thomas A. Henricksen, CPGeo (California), a qualified person (as defined by National Instrument 43-101, Standards for Disclosure for Mineral Projects) and a senior consulting geologist to the company, has reviewed and approved the technical disclosures in this news release. The company strictly adheres to CIM best practices guidelines in preparing for, and conducting, documenting, and reporting, the exploration activities on its projects.

About Pantera Silver Corp.

Pantera Silver is a mineral exploration and development company focused on creating shareholder value through the advancement and acquisition of high-quality silver projects. The company combines experienced technical teams with strategic partnerships to advance its existing portfolio while identifying new opportunities through research, staking and strategic acquisitions. Pantera is committed to responsible exploration, strong community partnerships and sound environmental practices. The company's objective is to discover and advance mineral resources that create lasting value for shareholders and local communities while contributing to the growing global demand for responsibly sourced critical and industrial metals.

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