OUTCROP SILVER EXTENDS AGUILAR VEIN 450 METRES SOUTH AND IDENTIFIES POTENTIAL NEW HIGH-GRADE SHOOTS IN BLIND TARGETS

The most recent news, dated November 26, 2025, reports on exploration drilling at the Santa Ana project in Colombia. Outcrop has extended the Aguilar vein system by 450 metres to the south through step-out drilling. The extension was discovered under volcanic cover, meaning the intercepts are from "blind" targets, which validates the company's geological model.

The company reports results from 17 diamond drill holes. Highlights include: - DH535: 0.84 metres of 9.33 g/t gold (Au) - DH524: 1.04 metres of 6.97 g/t Au - DH514: 0.77 metres of 2.74 g/t Au - DH509: 0.71 metres of 2.21 g/t Au

The Vice President of Exploration stated that the company now interprets at least three distinct mineralized shoots along the Aguilar vein, which will be incorporated into the upcoming mineral resource update planned for Q1 2026. Notably, silver (Ag) grades were not reported in this press release.

On the surface, the news is positive. Extending a known mineralized system by a significant 450 metres and hitting mineralization in blind targets are markers of a successful exploration program. This demonstrates the potential to add tonnage to the upcoming resource estimate and confirms the district-scale potential of the Santa Ana project.

However, a critical review reveals a significant and concerning omission: the lack of silver assays. Outcrop Silver has built its entire market narrative around the Santa Ana project being one of the highest-grade primary silver projects in the world. Previous successful drill results from 2025 consistently reported multi-hundred or even multi-thousand gram-per-tonne silver intercepts (e.g., 2.35m of 3,092 g/t Ag on Sept 3; 1.06m of 1,841 g/t Ag on July 8).

The decision to release drill results with only gold grades is a major red flag. It strongly suggests that silver values in these specific intercepts are low, negligible, or not yet available. If the silver is not present in economic quantities in this new 450-metre extension, it fundamentally changes the nature and potential value of this part of the Aguilar system. The reported gold grades, while decent for narrow vein systems, are not bonanza-grade and may not be sufficient to drive project economics without significant silver credits.

This news follows a major $23 million financing at $0.35 in October, a price level the stock is currently trading below. The stock has been in a downtrend since peaking at $0.44 in early October. While the graduation to the senior TSX exchange in mid-November was a positive corporate milestone, it has not provided a lasting lift to the share price.

In conclusion, the geological success of extending the vein is overshadowed by the risk implied by the missing silver assays. The positive impact is therefore muted by a significant increase in uncertainty. The market will likely remain skeptical of this news until full assays are provided.

Outcrop Silver & Gold Corporation is a Canadian exploration company focused on its 100%-owned flagship Santa Ana high-grade silver project in the Mariquita District of Colombia. The district has a long history of silver mining dating back to 1585. The company published a maiden NI 43-101 compliant Mineral Resource Estimate on June 8, 2023, containing 24.2 million ounces of indicated silver equivalent at 614 g/t and 13.5 million ounces of inferred silver equivalent at 435 g/t. The company's strategy is to aggressively expand this resource through drilling along a 17-kilometre permitted mineralized trend.