Mr. Colin Smith reports

FIRST ANDES COMMENCES PHASE 2 SOIL SAMPLING OVER LARGE HYDROTHERMAL ALTERATION SYSTEM AT SANTAS GLORIA, PERU

First Andes Silver Ltd. has commenced its phase 2 soil sampling program at the company's 100-per-cent-owned Santas Gloria project, located approximately 55 kilometres east of Lima, Peru.

Key points summary:

• Phase 2 soil sampling commenced: 1,615 soil samples planned across the largely unexplored southern portion of Santas Gloria;
• Major hydrothermal alteration target: sampling to cover a substantial portion of the 1.3-kilometre-by-two-kilometre WorldView-3 zoned hydrothermal alteration system;
• Multiple prospective vein systems: coverage of Tembladera, San Jorge and adjacent kilometre-scale undrilled epithermal vein corridors;
• Phase 1 success: six silver-in-soil anomalies totalling 4.3 kilometres of aggregate strike length and a greater than 1.2 km long gold-in-soil anomaly, demonstrating strong geochemical continuity;
• Drill target generation: results to refine and prioritize new targets across the broader Santas Gloria vein field.

"Phase 1 soil sampling delineated extensive gold and silver anomalies across multiple epithermal vein corridors at Santas Gloria," stated Colin Smith, chief executive officer and director of First Andes Silver. "We are now extending this successful approach into the southern half of the project, where a major WorldView-3 hydrothermal alteration footprint coincides with multiple kilometre-scale vein systems. This combination of extensive alteration, high-grade silver occurrences and limited historical drilling presents a compelling opportunity to identify new mineralized corridors and advance priority drill targets."

Phase 2 soil sampling program

The phase 2 program comprises approximately 1,615 planned soil samples across the southern portion of Santas Gloria. Sampling will follow north-south-oriented lines spaced 100 metres apart, with samples collected at 25-metre intervals.

The program will provide systematic geochemical coverage across several extensive intermediate-sulphidation epithermal vein systems, including Tembladera, San Jorge and adjacent prospective structures. These systems host mapped veins, historical workings and locally high-grade silver mineralization, but remain largely underexplored.

A key focus is the approximately 1.3 km by two km zoned hydrothermal alteration system identified through WV-3 SWIR spectral mapping (see news release dated Jan. 19, 2026). The footprint exhibits zoned spectral responses interpreted as kaolinite, dickite, sericite, montmorillonite and chlorite-epidote, consistent with extensive hydrothermal alteration.

The soil grid covers a substantial portion of this alteration footprint and associated vein structures. Integration of geochemical and spectral data will help identify prospective structural corridors and refine targets for potential concealed silver-gold mineralization.

Phase 1 soil sampling results

The phase 2 program builds on the successful phase 1 survey of 1,037 soil samples across the northern portion of Santas Gloria. Phase 1 delineated six coherent silver-in-soil anomalies along the Maribel, Paquita, Rosario, Eulalia and Kelly vein corridors, collectively defining approximately 4.3 km of aggregate strike length, with individual values reaching 68.1 parts per million Ag (see news release dated March 2, 2026).

Subsequent gold and multielement analyses identified a coherent, greater than 1.2 km long gold-in-soil anomaly along the Kelly-Eulalia structural corridor, characterized by a broad anomalous halo and a higher-grade core exceeding 0.6 ppm Au. The gold anomaly remains open along strike and is spatially associated with mapped epithermal veins and inferred sericitic alteration (see news release dated May 14, 2026).

These results demonstrate the effectiveness of systematic soil geochemistry in delineating coherent anomalous corridors within the mapped vein systems, providing a strong foundation for extending exploration across the southern portion of the project.

Next steps

• Complete phase 2 soil sampling across the southern vein systems and hydrothermal alteration footprint;
• Submit samples for gold and multielement geochemical analysis, including silver and associated pathfinder elements;
• Integrate phase 2 results with existing soil geochemistry, WV-3 spectral alteration mapping, structural interpretation and historical exploration data;
• Delineate and rank priority geochemical and structural targets for follow-up exploration and future diamond drilling.

Analytical methods and QA/QC (quality assurance/quality control)

Soil samples will be collected and bagged under the supervision of company personnel following standard industry practices. Samples are to be submitted to ALS Peru S.A. (Lima, Peru) for analysis. Samples will be prepared by drying, sieving and pulverizing, and analyzed for Ag and a suite of elements by multielement ICP methods following four-acid digestion. The company will report the complete multielement data set and any follow-up interpretations once final compilation and QA/QC review are complete.

Qualified person

Dr. Christopher Wilson, PhD, FAusIMM (CP), FSEG, FGS, a qualified person under National Instrument 43-101, has reviewed and approved the technical information contained in this news release. Dr. Wilson is not independent and serves as chief geologist of First Andes Silver and owns securities of the company.

About First Andes Silver Ltd.

First Andes Silver is a British Columbia company that holds a 100-per-cent interest in the high-grade Santas Gloria silver property, located in a major mining district approximately 55 km east of Lima, Peru. Santas Gloria has excellent established road access, is situated within a well-known intermediate-sulphidation epithermal belt and hosts over 12 km of multiphase veins mapped at surface that had never been historically drilled or explored using modern techniques prior to 2024. Across two phases of diamond drilling (2024 to 2025), First Andes has reported strong near-surface epithermal silver intercepts in 21 of 26 drill holes, confirming silver mineralization across multiple vein systems and supporting systematic, project-wide exploration, and follow-up drilling in 2027.

We seek Safe Harbor.