Mr. Fred Leigh reports

SAVANNA PROVIDES UPDATE ON QUALIFYING TRANSACTION

Savanna Capital Corp. has provided an update relating to the previously announced proposed business combination with 1000090242 Ontario Inc., a privately held corporation existing under the laws of the Province of Ontario (San Luis ON) and Exploraciones de SL Cordero S.A. de C.V. (San Luis MX), a Mexican wholly owned subsidiary of San Luis ON (San Luis MX and San Luis ON are collectively referred to hereinafter as San Luis). San Luis owns 100 per cent of the San Luis de Cordero project.

San Luis de Cordero project

San Luis holds the mineral claims covering approximately 1,216.99 hectares in the municipality of San Luis del Cordero in the state of Durango, Mexico (the San Luis project). The San Luis project features three different mineralisation styles, high-grade silver-copper veins, which have been mined in the 1970s, a silver-, copper-, zinc-bearing skarn deposit and manto-style mineralization. The skarn has been drill tested for a strike length of 750 metres, but has a potential of 3.5 kilometres of total strike length with known mineralization zones.

Updates on proposed transaction

Filing statement and technical report

The company is updating its filing statement with respect to the proposed transaction and expects to submit an updated filing statement and National Instrument 43-101 technical report on the San Luis project with the exchange prior to March 31, 2026.

Financing

Prior to the completion of the proposed transaction, it is anticipated that San Luis will complete a non-brokered private placement of approximately 10 million common shares in the capital of San Luis at a price of 25 cents per San Luis shares for gross proceeds of approximately $2.5-million.

The company is pleased to report that San Luis has closed the first tranche of the San Luis offering for gross proceeds of $1.35-million and issued 5.4 million San Luis shares. The company expects to close the second tranche of the San Luis offering on or about March 31, 2026.

Name change

Concurrently with the closing of the proposed transaction, Savanna intends to change its name to North American Silver Corp. This change of name is subject to exchange approval.

Management and board of directors

Following the completion of the proposed transaction, the resulting issuer will be led by: Scott Moore, chief executive officer; Kevin Brewer, president and chief operating officer, Stephen Woodhead, chief financial officer; and Kevin Zhou, corporate secretary. The resulting issuer's board of directors will comprise Peter Tagliamonte, Mr. Moore, Kevin Brewer and Rene Bharti.

Mr. Moore is a business executive with over 30 years of experience in the resource and durable goods sectors. He is currently the president and chief executive officer of O2Gold Inc. He is the former president and CEO of Dacha Strategic Metals, the former CEO of Euro Sun Mining Inc., the former COO of Forbes & Manhattan Inc., and former CEO and president of Future Mineral Resources Inc. Mr. Moore holds a bachelor of arts degree from the University of Toronto and an MBA from the Kellogg School of Management.

Mr. Brewer is a registered professional geoscientist with over 30 years of progressive managerial experience and extensive exposure to all aspects of exploration, project management, environmental management and mine engineering. He is president and chief executive officer of Walker Lane Resources Ltd. He is also the founder and chief geologist of 39627 Yukon Inc. (an exploration management company), and is currently a company adviser to Lionheart Exploration Ltd. He was general manager of Largo Resources Ltd. from 2008 to 2015 and managed exploration operations for Castillian Resources Corp., Yukoterre Resources Inc., Cash Minerals Ltd. and Sourdough Resources Inc. He holds a bachelor of science (honours), a master of business administration and a diploma of mine engineering.

Mr. Woodhead is a graduate of the University of Cape Town and a member of the South African Institute of Chartered Accountants. Mr. Woodhead has over 30 years of experience in the resource sector, having worked for trans Hex Group, a South African diamond producer, before relocating to Canada in 1997 as chief financial officer of Trans Hex International. Mr. Woodhead is the chief financial officer of Black Iron Inc. and a director of Lipari Mining. Mr. Woodhead has worked as chief financial officer/vice-president, finance, with various public companies, including Desert Sun Mining, from 2003 until it was acquired by Yamana Gold in 2006, developer and operator of the Jacobina gold mine in Brazil, Homeland Energy (developer of a coal mine in South Africa), Crocodile Gold (developer, operator and acquiror of gold mines in Australia), Trigon Metals (developer of a copper mine in Namibia) and Gratomic (focused on graphite exploration and development in Namibia and Brazil). Mr. Woodhead also served as a director of Apogee Minerals (silver) and Vaaldiam Mining (diamonds).

Mr. Tagliamonte is a highly accomplished mining engineer with an extensive career spanning 35 years, marked by significant achievements in the development of large international mining projects. His expertise encompasses specialized experience in open-pit and underground mine development and operations. With focused experience in advancing mining projects through exploration, permitting, engineering and development, Mr. Tagliamonte has demonstrated skill in managing complex regulatory environments and overcoming operational challenges. His practical, hands-on approach to operations ensures that projects are not only efficiently executed but also sustainable and environmentally responsible. A recognized leader and adept team builder, Mr. Tagliamonte excels in inspiring and guiding teams toward achieving operational goals. His commitment to environmental stewardship is a hallmark of his career, reflecting his dedication to balancing industrial progress with environmental compliance. In 2005, Mr. Tagliamonte was honoured as "Mine Manager of the Year" by the Mining Journal, a prestigious accolade that highlights his leadership, expertise and significant contributions to the mining industry. Mr. Tagliamonte continues to be a dynamic force in the mining and natural resource industry, leveraging his vast experience and specialized skills to advance mining projects globally while maintaining a strong focus on environmental and operational excellence.

Mr. Bharti has played vital roles in companies in both the private and public sectors. Mr. Bharti began his career working in the mining industry, culminating in his role with start-up Avion Gold Corp., a West African gold company that was eventually sold for $300-million to Endeavour Mining. Subsequently, Mr. Bharti founded ARHT Media, a technology company currently trading on the Toronto Stock Exchange, and Future Fertility Inc., an artificial intelligence company in the biotech space. Mr. Bharti has been responsible for helping raise over $500-million for various ventures over the past two decades, often serving as a consultant with fundraising and subsequent IPO (initial public offering) processes. In addition, Mr. Bharti has helped many companies streamline their business model to increase profitability and success.

Mr. Zhou brings experience in corporate finance and venture capital and has held leadership roles with both public and private companies in the mining industry. He previously served as interim president and chief executive officer and corporate secretary of Copperhead Resources Inc., and as corporate secretary of TRU Precious Metals Corp. Mr. Zhou is currently a transactions associate at Resurgent Capital Corp., where he is involved in a range of investment and corporate transactions. He holds a bachelor of commerce degree with distinction from the University of Toronto and is a CFA Level III candidate.

Amendment to definitive agreement

Savanna and San Luis have entered into an amendment to the definitive agreement to extend the outside date for closing the proposed transaction to Dec. 31, 2026. Savanna and San Luis expect to close the proposed transaction in Q2 2026.

Savanna is currently halted from trading pending final exchange approval of the proposed transaction.

About Savanna Capital Corp.

Savanna is a capital pool company listed on the exchange.

Qualified person

The scientific and technical information contained in this press release has been reviewed, prepared and approved by Dr. Andreas Rompel, PhD, PrSciNat (400274/04), FSAIMM, who is a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, is an independent consultant and is independent of Savanna.

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