Mr. Eric Vanderleeuw reports

ZACATECAS SILVER FINALIZES LAND ACCESS AGREEMENTS FOR UPCOMING DRILL PROGRAM

Zacatecas Silver Corp. has finalized all of the necessary land access agreements for its coming drill program. The company secured the remaining access required from private landowners at El Cristo target, located northwest of Panuco, within the company's flagship Zacatecas silver project in Zacatecas, Mexico.

The agreements, reached through constructive collaboration and strong community support, provide Zacatecas Silver with full surface rights and flexibility to establish as many drill pads as needed across El Cristo vein system. With both Panuco and El Cristo now fully accessible, the company will move forward with its Semarnat permit applications to initiate drilling.

El Cristo target overview

El Cristo represents the northwestern strike extension of the prolific Veta Grande system, which historically produced an estimated (though unverified) 200 million ounces of silver equivalent. Veins at El Cristo extend over three kilometres along strike within a dilation zone up to 650 metres wide.

Previous work by Zacatecas Silver confirmed silver-base-metal mineralization in 22 of 28 scout holes, including:

• 0.65 metre grading 829 grams per tonne silver equivalent (565 g/t silver, 1.2 g/t gold, 2.7 per cent zinc and 1.3 per cent lead) from 55.15 m in hole CRI-2022-022 (see news release dated Aug. 30, 2023).

The coming drill program will focus on testing extensions along strike and to depth to build upon these encouraging results and demonstrate continuity of high-grade silver mineralization.

Management commentary

Eric Vanderleeuw, chief executive officer, stated: "Securing access at El Cristo completes our surface agreements across both key targets within the Zacatecas silver project. With permitting now under way, we are poised to advance one of Mexico's most prospective silver districts. The team is eager to follow up on strong historical results and continue building momentum as we are now fully financed, heading into the next drill phase."

About Zacatecas Silver Corp.

The company has two key projects: the Zacatecas silver project in Zacatecas state, Mexico, and the Esperanza gold project in Morelos state, Mexico.

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 and base metal mineralization and potentially low-sulphidation gold-dominant mineralization. The company announced an increase in silver resource at the Panuco South and North underground mineral resource estimate now consisting of 3.41 million tonnes at 187 g/t AgEq (173 g/t Ag and 0.18 g/t Au) for 20.5 million ounces AgEq (19.0 million ounces silver and 19,200 ounces gold) (see news release dated May 31, 2023).

The silver property is 25 kilometres southeast of Mag Silver Corp.'s Juanicipio mine and Fresnillo PLC's Fresnillo mine. The property shares common boundaries with claims of former Pan American Silver Corp., now Defiance Silver, and El Orito, which is owned by Endeavour Silver.

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 956,000 ounces AuEq and an inferred mineral resource estimate of 8.7 million tonnes at 0.98 g/t AuEq for 277,000 ounces AuEq (see news release dated Nov. 16, 2022).

Qualified person

The technical information in this news release has been reviewed and approved by Dr. Chris Wilson, BSc (honours), PhD, FAusIMM (CP), FSEG, FGS, chief operating officer of Zacatecas Silver. Dr. Wilson is a qualified person as defined by National Instrument 43-101, and is not independent due to being chief operating officer and a director.

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