Mr. Eric Vanderleeuw reports

ZACATECAS SILVER CLOSES THE FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

Zacatecas Silver Corp. has closed the first tranche of its previously announced non-brokered private placement (see news release dated July 14, 2026) by issuing 21,074,201 units at seven cents per unit for gross proceeds of $1,475,194.07.

Each unit consists of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at an exercise price of nine cents for a period of two years from the closing date, subject to the company's right to accelerate the expiry date of the warrants if, following the expiry of the applicable hold period, the 20-day volume-weighted average trading price of the company's common shares on the exchange equals or exceeds 18 cents, by providing notice to warrantholders and press release, in which case the warrants will expire 30 days following the date of such notice.

In connection to the first tranche, the company paid total finders' fees of $66,933.58 and issued a total of 956,194 non-transferable share purchase warrants to finders, with each finder warrant entitling the holder to purchase an additional common share at nine cents per common share at an exercise price of nine cents for a period of two years from the closing date, subject to the company's acceleration right.

All securities issued in connection with the offering will be subject to a four-month-and-one-day hold period from the date of closing under applicable Canadian securities laws.

Proceeds of the offering will be used to finance the company's planned maiden drill program at the Oso Negro project in Sonora, Mexico, following the recent completion of phase 2 rock-chip sampling and vein mapping (see news release dated July 9, 2026), together with continued exploration across the company's six-project Mexican portfolio and general working capital.

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 silver equivalent for 20.5 million ounces silver equivalent (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 gram per tonne gold equivalent (0.76 gram per tonne gold and 8.5 grams per tonne silver) for 1.15 million ounces gold equivalent (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 gram per tonne gold equivalent (0.53 gram per tonne gold and 11.2 grams per tonne silver) for 208,000 ounces gold equivalent (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-kilometre 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-kilometre structure reaching up to 40 metres 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.

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 geologist of Zacatecas Silver. Dr. Wilson is a qualified person as defined by NI 43-101 and is not independent as he is chief geologist and a director of the company.

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