OUTCROP SILVER ENGAGES NEW CEO & DIRECTOR

• Outcrop Silver & Gold Corporation appointed Rob Bruggeman as Chief Executive Officer and Director, effective immediately.
• Ian Harris transitions from CEO to Chairman of the Board; Jay Sujir resigns as Chair.
• Significant equity incentive grants announced: 1,000,000 options + 1,000,000 inducement shares for new CEO (strike $0.36).
• Additional grants include 5,350,000 options to directors/officers/consultants and 2,350,000 RSUs vesting quarterly over twelve months.
• Directors received 3,000,000 Deferred Stock Units (DSUs).
• Bruggeman previously served as Chairman and Interim CEO of AbraSilver Resource Corp.
• Harris states the company is "well financed with a strong balance sheet" following recent institutional investment.

• The management change signals professionalization post-TSX graduation and financing, which is generally positive for governance but does not immediately alter asset value.
• Equity grants totaling approximately 12.7 million instruments (options, shares, RSUs, DSUs) represent significant dilution risk if fully exercised or vested, estimated at 10-15% of current float depending on total share count.
• The CEO option strike price ($0.36) matches the recent market close ($0.36), indicating fair pricing but no immediate upside incentive for existing shareholders until price appreciation occurs.
• Compared to previous "Material - Positive" ratings driven by high-grade drilling and financing, this news is incremental regarding operational progress (drilling continues) rather than asset expansion.
• The timing coincides with a stock correction from January highs ($0.58) to current levels ($0.36), suggesting the market may be pricing in dilution concerns or waiting for the delayed Q1 2026 resource update.

• Flagship Project: Santa Ana high-grade silver/gold project in Colombia.
• Project Status: Fully permitted 17-km corridor; drilling program ongoing with three rigs active as of late 2025/early 2026.
• Key Veins: Aguilar, Los Mangos, Guadual, Jimenez, La Ye/La Lupe.
• Recent Discoveries: Multiple high-grade shoots identified (e.g., Los Mangos 18.30m @ 992 g/t AgEq; Guadual 2.35m @ 3,092 g/t Ag).
• Metallurgy: High recovery rates reported (Silver 96.3%, Gold 98.5%); ore-sorting tests show potential for pre-concentration and waste rejection.