Mr. Nick DeMare reports

SALAZAR REPORTS A HIGH-GRADE TUNGSTEN-SILVER INTERSECTION AT THE PIJILI PROJECT, ECUADOR: 2.00 METRES GRADING 1.80% W (2.27% WO3) AND 740 G/T AG

Salazar Resources Ltd. has provide an updated technical review of the tungsten-silver mineralization identified within drill hole MERC-011 at the Mercy concession, part of the Salazar's 100-per-cent-owned Pijili project in central Ecuador. The Ensillada porphyry system contained within the Mercy concession was first announced in Salazar's news release dated April 20, 2021, which reported the intersection of a high-grade silver-tungsten zone within a broader copper-gold-molybdenum porphyry intercept. Following its March, 2026, acquisition of full ownership of the Pijili project (see news release dated March 18, 2026), Salazar has undertaken an internal review of historical drilling and assay data, which identifies a subinterval of tungsten-silver enrichment in drill hole MERC-011 that had not previously been reported as a separate composite.

Highlights:

• Surface data (rocks and soils) indicate a significant tungsten anomaly in the northern part of the Mercy concession, measuring 600 metres by 450 metres.
• The mineralized body is interpreted to be a porphyry copper-gold-plus-or-minus-molybdenum ystem with tungsten enrichment.
• Borehole MERC-011 intersected 151.8 metres with grades of 0.25 per cent Cu, 0.08 gram per tonne Au, 0.01 per cent Mo and 3.2 g/t Ag. This included a near-surface subinterval of 18.6 m with grades of 0.99 per cent Cu, 0.25 g/t Au, 0.03 per cent Mo, 189.8 g/t Ag and 0.23 per cent W, hosted within a hydrothermal breccia associated with a shear/fault.
• The tungsten grade increases to 1.8 per cent and 740 g/t Ag over two metres (drill hole MERC-011) in the shear fault.
• No additional work has been conducted to explore the continuity of the anomaly at the surface or at depth through new drilling aimed at tracing the high tungsten values.

Management commentary

"Copper, silver and tungsten are all on the United States' 2025 critical minerals list, and MERC-011 returned all three over the same two metres. At 1.80 per cent W -- 2.27 per cent WO3 [tungsten trioxide] -- that is several times the median grade the United States Geological Survey reports for tungsten skarn deposits worldwide. What makes it significant for Salazar is where it came from: assays we already owned. We have spent years looking at this ground for copper and gold, and we are now going back over a 100-per-cent-owned portfolio with a critical minerals lens. Pijili has told us what to look for," stated Fredy Salazar, president and chief executive officer.

Background -- discovery at Mercy concession and MERC-011

In 2020 and 2021, a drilling program was carried out at the Pijili project's Mercy concession, comprising 12 drill holes totalling 7,031 metres. Within this program, drill hole MERC-011 was one of the final holes of the campaign, and it was this hole that intersected the mineralization described herein.

Within the broader porphyry intercept, a higher-grade near-surface subinterval from 4.70 to 23.25 metres returned significantly elevated silver and tungsten values not observed in any other drill hole at Mercy. Petrographic and core logging work indicates this mineralization occurs within a breccia associated with a fault or shear zone and is interpreted as a separate, overprinting mineralizing event superimposed on the main porphyry system.

Tungsten mineralization context

Tungsten is a strategic and critical commodity valued for its exceptional hardness, high melting point, strength, and resistance to wear and heat. It is widely used in specialized electronics, aerospace and defence applications, cemented carbide cutting and drilling tools, mining and construction equipment, and high-performance alloys. Tungsten, silver and copper are each included on the United States' 2025 critical minerals list. Tungsten grades are conventionally reported as WO3 rather than as elemental W: 1.80 per cent W is equivalent to 2.27 per cent WO3. For scale, the U.S. Geological Survey's grade and tonnage model for tungsten skarn deposits, covering 41 deposits worldwide, reports a median grade of 0.44 per cent WO3 (Green, C.J., Lederer, G.W., Parks, H.L., and Zientek, M.L., 2020, grade and tonnage model for tungsten skarn deposits -- 2020 update: U.S. Geological Survey scientific investigations report 2020-5085). That figure is a deposit-scale median and is not directly comparable with a single 2.00-metre drill intersection; no mineral resource has been estimated at the Pijili project. The U.S. Geological Survey also reports that China accounts for approximately 80 per cent of global tungsten mine production, and China has applied export licensing requirements to tungsten since August, 2023.

Next steps:

• Conduct a detailed mapping of the hydrothermal fracture and the fault/shear zone, which contains the highest silver and tungsten grades;
• Define drilling targets to follow up on the grades encountered in the MERC-011 drill hole;
• Salazar will reanalyze the other 100-per-cent-owned projects for critical minerals such as tungsten, scandium, germanium, antimony, magnesium and vanadium.

Pijili project

The Pijili project is a 1,397-hectare, 100-per-cent-owned copper-gold-plus-or-minus-molybdenum porphyry project located in central Ecuador.

Quality assurance/quality control program

The analytical results reported herein are based on historical sampling and assay work completed as part of Adventus Mining Corp.'s exploration program and are not the result of new assays conducted by Salazar. During the historical drilling program, technical staff collected and processed drill core samples, which were securely sealed and shipped to Bureau Veritas Ecuador in Quito for sample preparation, including crushing and milling to produce pulps. The pulps were then split for shipment to Bureau Veritas's facilities in Lima, Peru, and Vancouver, Canada, for analysis. The historical program implemented a QA/QC program that includes chain-of-custody and the insertion of standards, blanks and duplicates. A QA/QC program was also maintained by Bureau Veritas and included the insertion of blanks, standards and duplicates reanalysis of selected samples. Bureau Veritas's quality system complied with the applicable ISO standards at the time of the historical program. Gold was analyzed by classical fire assay techniques with an optical emission spectroscopy (ICP-OES) finish, while silver and base metals were analyzed using 46-element, four-acid digestion with ICP-MS. Overlimit protocols were applied for gold, silver, copper, molybdenum and zinc. Salazar has reviewed and reinterpreted historical drill hole and assay data and has not independently reassayed the historical samples. The company's qualified person has verified the assay data disclosed herein against the original laboratory certificates and the drill hole database; the qualified person was not present during the historical drilling and sampling program, which is the limitation on that verification.

Qualified person

Dr. Kieran Downes, PhD, PGeo, the qualified person for the Pijili project as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical content of this news release. Mr. Downes is independent of the company within the meaning of Section 1.5 of NI 43-101.

About Salazar Resources Ltd.

Salazar Resources is a Canadian junior exploration company focused on the discovery and development of mineral deposits in Ecuador. The company's strategy combines in-house geological expertise with a disciplined, systematic approach to project generation and advancement. Alongside a 25-per-cent carried interest in the Curipamba/El Domo copper-gold project, currently under construction, Salazar holds a 100-per-cent-owned exploration portfolio comprising the Monja, Santiago, Pijili, El Tigre and Tarqui-Quimi projects across multiple prospective copper-gold belts in Ecuador.

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