Mr. Bryan Slusarchuk reports

ZACATECAS CLOSES FULLY SUBSCRIBED $3.5 MILLION PRIVATE PLACEMENT FINANCING

Zacatecas Silver Corp. has closed its previously announced non-brokered private placement financing (see news release dated May 1, 2023) on a fully subscribed basis by issuing 7,809,502 units at a price of 45 cents per unit for total proceeds of $3,514,275.90.

Each Unit consisted of one common share (each, a "Common Share") and one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant entitles the holder to purchase a Common Share at an exercise price of $0.55 for a period of three years from the date of issue.

The securities under the Offering will be subject to restrictions on resale for a period of four months and day pursuant to applicable securities law, until September 11, 2023. The Company paid finders' fees totalling $61,967.56 and 137,706 non-transferrable warrants, with each warrant exercisable at $0.45 per share for a period of two years from the date of issue.

The Company intends to use the net proceeds of the offering to further advance studies at the Esperanza Gold Project, exploration and drilling activities at the silver projects and general working capital purposes.

About Zacatecas Silver Corp.

The Company has two key projects. The Esperanza Gold Project in Morelos State, Mexico and the Zacatecas Silver Project in Zacatecas State, Mexico.

Esperanza is an advanced stage, attractive low-cost, low-capital-intensity and low-technical-risk growth project located in Morelos state, Mexico. Alamos has progressed the project through advanced engineering, including metallurgical work, while also focusing on stakeholder engagement, including building community relations. The Company announced a Mineral Resource Estimate at Esperanza consisting of a Measured and Indicated Mineral Resource Estimate of 30.5 million tonnes at 0.97 g/t AuEq for 956 thousand ounces AuEq and an Inferred Mineral Resource estimate of 8.7 million tonnes at 0.98 g/t AuEq for 277 thousand ounces AuEq (see news release dated November 16, 2022).

The Zacatecas Silver Project is located in Zacatecas state, Mexico, within the highly prospective Fresnillo silver belt, which has produced over 6.2 billion ounces of silver. The Company holds 7,826 hectares (19,338 acres) of ground that is highly prospective for low-sulphidation and intermediate-sulphidation silver base metal mineralization and potentially low-sulphidation gold-dominant mineralization. The Company announced a Mineral Resource Estimate at the Panuco Deposit consisting of 2.7 million tonnes at 187 grams per tonne (g/t) silver equivalent (AgEq) (171 g/t silver (Ag) and 0.17 g/t gold (Au)) for 16.4 million ounces AgEq (15 million ounces silver and 15,000 ounces gold) (see news release dated December 14, 2021).

The property is 25 kilometres (km) southeast of MAG Silver Corp.'s Juanicipio Mine and Fresnillo PLC's Fresnillo Mine. The Property shares common boundaries with Pan American Silver Corp. claims and El Orito, which is owned by Endeavour Silver.

We seek Safe Harbor.