Mr. Fredy Salazar reports

SALAZAR RESOURCES PROVIDES EL DOMO CONSTRUCTION UPDATE, INITIATES DRILL PROGRAM AT TARQUI AND ENGAGES IR FIRMS

Salazar Resources Ltd. has provided an update on construction at the Curipamba-El Domo project, as reported by the project's operator, Silvercorp Metals Inc. Salazar's 25-per-cent interest in the project is fully carried through to commercial production. In addition, drilling is now under way at the Yumi gold-silver veins on the company's 100-per-cent-owned Tarqui project. The company also announces that it has engaged Minera IR Inc., a Toronto-based investor relations firm, to provide investor relations services to the company, subject to the acceptance of the TSX Venture Exchange. The company has also finalized a corporate communications and marketing services agreement with Market Equities Ltd., subject to TSX-V acceptance.

El Domo construction update

On Oct. 19, 2026, Silvercorp reported that construction during its fiscal second quarter (July to September, 2026) was affected by rainfall 489 per cent above the six-year average, in what is typically the dry season, with construction works suspended during 77 days of rain. The heavy rains are attributed to the effects of this year's El Nino. It reported that finished works were repeatedly damaged and had to be repaired, especially affecting construction of the tailings storage facility, and that additional water management works have been built beyond the original engineering design. Open-pit prestripping was also slowed by the rain.

Silvercorp reported that approximately 1.0 million cubic metres of excavation and prestripping were completed in the quarter, that foundations for the process plant buildings and main equipment are complete, that the prefabricated structural steel for the process plant has been shipped from the factory, and that the first batch of major long lead-time equipment has arrived at port in Ecuador. Silvercorp also reported that construction of the site substation and of the external power line to the grid has commenced, and that generator sets with 17 megawatts (MW) of capacity are ready to ship to site as an independent power supply. Readers are referred to Silvercorp's news release dated Oct. 19, 2026, available under Silvercorp's profile on SEDAR+.

Tarqui drilling

Drilling has started at the Yumi gold-silver veins on the company's 100-per-cent-owned Tarqui project. The first phase, approximately 1,500 metres in five holes, is the first drill test of the veins and will be followed by up to approximately 3,500 metres in four holes at the Monja copper-gold porphyry target from the first quarter of 2027, subject to surface access and permits, as announced on Oct. 19, 2026.

Engagement of Minera IR

Minera IR, led by Patrick Piette, CFA, will work with management to broaden the company's institutional and retail shareholder base in Canada and internationally as construction continues at the Curipamba-El Domo project. Services under the Minera IR agreement include investor targeting and outreach, arranging one-on-one investor meetings and marketing road shows, conference support, and the preparation of investor communications materials.

Terms of the Minera IR agreement

The Minera IR agreement has an initial term of three months commencing Oct. 22, 2026, the effective date of the engagement letter, and continues month to month thereafter. The company will pay Minera IR $6,000 (Canadian) per month in cash, payable monthly from working capital, for an anticipated cost of $18,000 over the initial term. If the Minera IR agreement continues beyond the initial term, the company intends to grant Minera IR incentive stock options to purchase up to 250,000 common shares, at an exercise price to be set at the time of grant and vesting in stages over not less than 12 months in accordance with TSX-V policies, subject to TSX-V acceptance.

Minera IR and Mr. Piette are at arm's length to the company. As of the date of this news release, neither Minera IR nor Mr. Piette holds any securities of the company, directly or indirectly, or any right to acquire such securities, other than as described above. Minera IR can be contacted at 416-526-9911.

Market Equities

The company has finalized a corporate communications and marketing services agreement with Market Equities, a corporate communications and digital marketing firm, based in Malahide, Dublin, Ireland. Under the Market Equities agreement, Market Equities will provide corporate communications and marketing services, which may include brand and communications strategy, digital media campaigns, search engine optimization, media consulting, website and landing page development, content and multimedia production, and campaign analytics. All content that Market Equities disseminates about the company will state clearly that it is issued on behalf of the company and the company will review such content for accuracy before it is released.

The Market Equities agreement has a term of three months. The company will pay Market Equities a fixed fee of $100,000 (U.S.) in cash, payable from working capital within five business days after TSX-V acceptance. No fee is payable unless and until the TSX-V accepts the Market Equities agreement. Any extension or renewal of the term requires TSX-V acceptance. No securities will be issued to Market Equities as compensation.

Market Equities is at arm's length to the company. And as of the date of this news release, neither Market Equities nor any of its principals holds any securities of the company, directly or indirectly, or any right to acquire such securities.

Management commentary

Fredy Salazar, president and chief executive officer of Salazar Resources, stated: "Silvercorp has had to build El Domo through extreme rainfall and we will report the updated schedule when the operator provides it. What does not change is that our 25-per-cent interest is fully carried to commercial production, so Salazar has no obligation to fund this work. Our own drill is now turning at Tarqui, paid for by our recent financing. With El Domo moving towards production, this is the right time to put the company in front of more institutional investors and Minera IR brings the capital markets experience to help us do that."

About Minera IR Inc.

Minera IR is a Toronto-based investor relations firm, owned by Mr. Piette, that provides embedded, outsourced investor relations to Toronto Stock Exchange and TSX-V resource issuers. The firm was founded in 2013. Mr. Piette, CFA, has completed more than 35 resource mandates and has over 20 years of Canadian capital markets experience, including sell-side equity research at RBC Capital Markets and mid-market advisory at CIBC World Markets.

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 interest in the Curipamba-El Domo copper-gold project, discovered by the Salazar team, currently under construction and fully carried through to commercial production, 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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