Mr. Colin Smith reports

FIRST ANDES SILVER OUTLINES SYSTEMATIC PROPERTY-WIDE EXPLORATION PROGRAM, SANTAS GLORIA PROJECT, PERU

First Andes Silver Ltd. has outlined a 2025/2026 systematic property-wide exploration program to rapidly evaluate and advance the company's 100-per-cent-owned Santas Gloria project, approximately 55 kilometres east of Lima, Peru.

Key points summary:

• Santas Gloria hosts 23 mapped intermediate-sulphidation epithermal (ISE) veins totalling more than 12 kilometres of strike, yet has never been subject to systematic modern exploration, underscoring its exceptional discovery potential.
• Permitting for phase 3 drilling, targeting the Tembladera and San Jorge vein systems (and potentially Maribel and Paquita), has commenced (see news release dated Nov. 3, 2025).
• First Andes's systematic 2025/2026 exploration program at Santas Gloria will comprise:
  • High resolution WorldView-3 (WV-3) spectral alteration mineral mapping (commenced);
  • Property-wide soil sampling program across all 23 known veins (commenced);
  • Follow-up mapping, channel and rock sampling at WV-3 and soil anomalies;
  • Ground induced polarization (IP) program at newly defined drill target areas;
  • Drill permitting and subsequent drill testing (phase 4).
• WV-3 and soil sampling will commence in November, 2025:
  • Final products for spectral alteration mineral mapping are expected in five to six weeks;
  • First half of property-wide soil sampling to be completed in February, 2026, with analytical results anticipated in March, 2026;
  • Remaining soil samples to be collected following the wet season (April onward), with analytical results expected in Q2, 2026.
• Targeted mapping, channel and rock sampling are to commence following the full receipt of soil assays and subsequent integration/interpretation of new exploration database (that is, WV-3 data) to distill high-priority drill targets property-wide.
• Ground IP geophysics will be utilized to rank and refine phase 4 drill targets, and permitting of drill pad will be initiated immediately thereafter.

"Santas Gloria remains one of the most compelling underexplored silver districts in Peru, hosting 23 mapped ISE veins totalling over 12 kilometres of strike. Despite this endowment, the project has never been systematically explored using industry-proven evaluation techniques, such as soil geochemistry, ground geophysics (IP) and high-resolution spectral alteration mineral mapping (WV-3)," stated Colin Smith, chief executive officer and a director of First Andes Silver. "With phase 3 drill permitting under way and a fully integrated 2025/2026 exploration program on deck, First Andes is taking the first truly integrated approach to vectoring into high-grade mineralization across the entire property."

2025/2026 Santas Gloria exploration program

WorldView-3 spectral mapping

First Andes Silver has initiated a 50-square-kilometre property-wide WV-3 spectral mapping and interpretation program at Santas Gloria, marking a key first step in the company's systematic, district-scale exploration strategy to evaluate all 23 mapped ISE veins, the majority of which have never been explored.

The WV-3 data set will include:

• Two-metre-resolution spectral alteration products and 50-centimetre-resolution natural-colour imagery;
• Detailed mapping of up to 12 alteration mineral maps, including key ISE pathfinders:
  • Alunite, kaolinite, sericite, montmorillonite, chlorite, epidote, jarosite, hematite, goethite, opal/chalcedony, calcite and iron oxides;
• 50 square kilometres of high-resolution context images:
  • Greyscale image (50 centimetres);
  • Natural colour image (50 centimetres);
  • Geology-enhanced colour image (two metres);
  • Vegetation intensity (two metres);
  • SWIR-enhanced (short-wave infrared) image (two metres);
  • Sabins composite image (two metres);
  • Sultan composite image (two metres);
• Alteration mapping report, summarizing the alteration mineral processing results;
• WV-3 satellite tasking has commenced, with data collection and imaging expected in three to four weeks and final interpretations expected in five to six weeks.

All data will be processed and interpreted in collaboration with PhotoSat Information Ltd. of Vancouver, Canada, a global leader in spectral exploration. The resulting alteration and structural interpretations will be integrated with geological and geochemical data sets, including the planned property-wide soil sampling program, to identify new high-calibre drill targets for testing in 2026.

Property-wide soil sampling

Soil sampling represents one of the most powerful and cost-efficient methods for evaluating ISE systems by identifying halos of geochemical dispersion, which typically envelop sulphide-bearing veins. Systematic soil sampling can delineate these halos through elevated concentrations of key pathfinder elements, such as silver, lead, zinc, arsenic and antimony, which may extend several hundred metres from the mineralized core.

Beyond direct metal anomalies, soil geochemistry can also define the broader hydrothermal alteration footprint, including sericite, kaolinite and chlorite zones, through subtle shifts in major and trace element chemistry. When integrated with spectral, geological and geophysical data sets, soil sampling becomes a powerful vectoring tool to refine, rank and prioritize high-potential drill targets across the property.

The proposed soil sampling program at Santas Gloria has commenced and is summarized as follows:

• Designed to cover all 23 known veins property-wide, which collectively strike greater than 12 kilometres;
• Sampling lines will be oriented north-south and spaced 100 metres apart;
• Sample spacing along soil lines is 25 metres, enabling the detection of narrow veins at surface;
• North-south lines will extend approximately 200 metres past the surficial trace of all 23 known veins;
• Sampling program will be divided into two sampling campaigns (before and after wet season);
• First campaign planned for November, 2025, to February, 2026 (all results by March, 2026);
• Second campaign planned for April, 2026, to June, 2026 (all results by July, 2026);
• All soil samples will be analyzed by four-acid digestion and multielement ICP-MS at ALS's laboratory in Lima, Peru.

The results of the property-wide soil sampling program will provide a comprehensive geochemical framework for the Santas Gloria district, enabling First Andes to delineate new, previously untested anomalies and refine the definition of known mineralized corridors. Integration of these results with WV-3 spectral data, detailed geological mapping, rock/channel sampling and IP geophysics will allow the company to systematically prioritize and advance the most prospective targets toward phase 4 drilling, marking a major step forward in unlocking the full discovery potential of the Santas Gloria epithermal vein field.

Targeted follow-up exploration

Following integration of the WV-3 spectral and soil geochemical data sets, First Andes will undertake a focused follow-up field program to delineate and refine high-priority drill targets across Santas Gloria, including:

• Geological and structural mapping:
  • Detailed 1:2,000-to-1:5,000-scale mapping at strongest anomalies;
  • Definition of vein orientations and structural controls on mineralization;
  • Particular attention will be given to fault intersections, splays and dilational jogs;
• Rock and channel sampling:
  • Targeted rock-chip and channel sampling will test anomalies;
  • Continuous channels to be collected across exposed veins and anomalies;
• Ground IP geophysics:
  • A ground IP survey will be completed across the most prospective zones;
  • Detection subsurface chargeability and resistivity anomalies (sulphide mineralization);
  • Results will assist in modelling vein continuity and identifying potential blind targets.

The iterative integration of spectral, geochemical, geological and geophysical data sets will enable First Andes to confidently rank and advance the most promising targets toward phase 4 drilling.

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 serves as chief geologist of First Andes Silver and is a shareholder 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 55 kilometres 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 kilometres of multiphase veins mapped at surface that had never been historically drilled or explored by modern techniques before 2024. First Andes's maiden diamond drill program last year reported high-grade silver grades on all drilled vein systems, confirming silver endowment and warranting high-priority follow-up drilling in 2025.

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