Mr. Eric Vanderleeuw reports

ZACATECAS SILVER ANNOUNCES COMPLETION OF PHASE TWO SAMPLING AT OSO NEGRO, SONORA

A second phase of rock chip grab sampling and vein mapping has been completed at Zacatecas Silver Corp.'s Oso Negro project, located in Sonora, Mexico. The program was completed in the first week of July, 2026, and samples have been cut for reference, photographed and dispatched to ALS for gold, silver and base metal analysis. The program follows a phase one rock chip sampling program at Oso Negro which returned up to 14.8 grams per tonne Au (gold) and 2,340 g/t Ag (silver) across 156 samples (see June 9, 2026, news release).

Geological mapping during phase two exploration identified additional vein extensions at both the prospecto and Tere vein low sulphidation epithermal systems. The prospecto vein system now comprises over 2.5 strike kilometres of mapped veins. The Tere vein comprises approximately 0.5 strike kilometre of mapped veins.

Three hundred and ninety-one rock-chip grab samples were collected primarily from vein outcrop at both systems. Veins are up to three metres wide, multiphase, with common vein breccias and pervasive iron oxides after sulphides. The focus of this exploration phase was to fine tune the position of planned angled diamond drill targets. The company has identified 20 drill pad locations and has completed ecological studies as a prerequisite of applying to SEMARNAT for a drill permit. The company will update on drill plans shortly.

Rock chip grab samples included pervasively silicified and oxidized tuffs with abundant hematite and goethite infilled fractures, hematite-stained, multiphase quartz veins with abundant boxwork hematite and goethite after sulphides, and saccharoidal quartz with blebby iron oxides. Multiphase, dark grey, sulphidic vein quartz, with silicified tuff fragments and hematite-goethite fracture infill, and massive, dark grey sulphidic vein quartz with blebs of pyrite, void-filling iron oxide boxworks after sulphides, and localized hematite-goethite bands were also present.

Vein textures are typical of the uppermost levels of a low sulphidation epithermal system, where precious metal mineralization is commonly preserved in association with a boiling zone at depth. Phase one sampling indicated the presence of high gold and silver grades in outcropping vein samples. The phase two program has confirmed the presence of extensive sulphidic quartz veins. This has significant implications for exploration drilling, which will focus on near-surface depth extensions through a large number of shallow angled holes.

Qualified person

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

About Zacatecas Silver Corp.

Zacatecas Silver is a multiasset precious metals exploration company with a portfolio of six projects across Mexico, spanning Zacatecas, Sonora, Morelos and Oaxaca. The Zacatecas silver project is located in Zacatecas state, within the highly prospective Fresnillo silver belt, which has produced over 6.2 billion ounces of silver. The company holds 7,826 hectares of ground prospective for low-sulphidation and intermediate-sulphidation silver-base metal mineralization. A mineral resource estimate at the Panuco deposit comprises 3.41 million tonnes at 187 grams per tonne AgEq (silver equivalent) for 20.5 million ounces AgEq (see news release dated May 31, 2023). The property is 25 kilometres southeast of MAG Silver's Juanicipio mine and Fresnillo PLC's Fresnillo mine, and shares boundaries with Defiance Silver and Endeavour Silver.

Esperanza is an advanced stage, attractive low-cost, low-capital-intensity and low-technical-risk growth project located in Morelos state, Mexico. The company announced a mineral resource estimate at Esperanza consisting of a measured and indicated mineral resource estimate of 45.4 million tonnes at 0.79 g/t AuEq (0.76 g/t gold and 8.5 g/t silver) for 1.15 million ounces AuEq (1.11 million ounces gold and 12.37 million ounces silver) and an inferred mineral resource estimate of 11.2 million tonnes at 0.57 g/t AuEq (0.53 g/t gold and 11.2 g/t silver) for 208,000 ounces AuEq 190,000 ounces gold and 4.02 million ounces silver (see news release dated June 22, 2026).

The company also holds four exploration properties in Sonora and Oaxaca. Oso Negro (Sonora) is an undrilled, high-grade low sulphidation epithermal system with multiple veins across a two km strike length. Cumaro (Sonora) is situated along trend from Coeur Mining's El Picacho development and hosts extensions of proven low sulphidation vein systems with high-grade channel sampling results. La Lola (Sonora) is a large, underexplored 1,183-hectare property anchored by the La Barra vein, a five km structure reaching up to 40 m in width. Ejutla (Oaxaca) comprises 10,603 hectares in the Taviche-Miahuatlan region near the former Fortuna Silver San Jose mine, hosting multiple vein systems and alteration zones anomalous in gold, silver, and Carlin-style pathfinder elements.

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