First Andes closes acquisition of NSW silver projects

Executive Summary

• First Andes Silver Ltd. has completed the acquisition of three silver-focused exploration projects in New South Wales, Australia: the Carrington, Stony Creek, and Dartmoor projects.
• The total consideration for the acquisition consists of a cash reimbursement of $15,500 AUD and the issuance of 1.5 million common shares, subject to a four-month hold period.
• The company plans to focus on early-stage target generation and field validation for the new Australian assets, while simultaneously preparing for a Q2 2026 drill program at its flagship Santas Gloria project in Peru.

Key Details

• Acquisition Targets:
  • Carrington Project (ELA 6982): A 160-square-kilometre exploration licence application covering an iron-rich skarn system with Au-Ag-Pb-Sb mineralization in the Lachlan orogenic belt.
    • Historic rock chip sampling returned grades up to 85 g/t Au, 6,037 g/t Ag, 24.8% Pb, and 16.8% Sb.
    • Over 500,000 tonnes of iron gossan identified; prospective strike length exceeds 10 kilometers.
  • Stony Creek Project (ELA 6983): A 247-square-kilometre exploration licence application covering Devonian volcanic rocks and orogenic base metal to low-sulphidation epithermal vein systems.
    • Hosts at least seven historical silver-gold mines and prospects.
    • Historical rock chip sampling up to 18.4 g/t Au and 212 g/t Ag.
    • 1986 drilling reported an intercept of 5 metres at 3.0 g/t Au.
    • Gundillions Reef (1.4 km NW) shows historic assays up to 44 g/t Au and 150 g/t Ag.
  • Dartmoor Project (ELA 6981): A 47-square-kilometre exploration licence application at the western margin of the Hill End and Cooma zones.
    • Includes two historical polymetallic mines (Dartmoor and Dartmoor East) with VHMS-Kuroko affinity.
    • Historic production averaged approximately 980 g/t Ag and 12% Cu.
• Transaction Consideration:
  • Cash: $15,500 AUD (reimbursement of vendor costs).
  • Equity: 1.5 million common shares of First Andes Silver Ltd.
  • Restriction: Shares are subject to a four-month hold period from the date of issuance.
• Future Plans:
  • Australia: Focus on early-stage target generation and field validation of historic mineral occurrences across the newly acquired projects.
  • Peru (Santas Gloria): Preparing for a Q2 2026 drill program targeting high-grade silver across multiple vein systems, integrating new targeting data from property-wide exploration.
• Technical Validation:
  • Colin Smith, PGeo (CEO and Director), is the Qualified Person under National Instrument 43-101 who has reviewed and approved the technical information.
  • Historical sampling and drilling data have not been verified by the company and are not relied upon as current statements of mineralization.

Notable Quotes

• "First Andes is eager to advance exploration in two established mining jurisdictions."
• "First Andes views Dartmoor as a compelling target for the discovery of massive gold-silver-base-metal sulphide lenses to be explored using a combination of modern EM (electromagnetic) geophysics, geochemistry and drilling."