First Andes Silver Closes Oversubscribed $2 Million Private Placement Financing

Executive Summary

• First Andes Silver Ltd. closed a private placement financing, issuing 16,708,331 common shares at C$0.12 each for total gross proceeds of C$2,004,999.72.
• Net proceeds will fund an expanded Q2 2026 drilling program and other exploration activities at the Santas Gloria Property in Peru, as well as claim payments and working capital.
• The offering included a cash finder’s fee of C$120,790 and issuance of 1,001,583 share purchase warrants exercisable at C$0.12 per share for two years.

Key Details

• Offering Size & Price: 16,708,331 common shares sold at C$0.12 per share.
• Gross Proceeds: C$2,004,999.72.
• Finder’s Compensation: Cash fee of C$120,790 plus 1,001,583 Finder’s Warrants (exercise price C$0.12, two‑year term).
• Use of Net Proceeds:
  1. Augmented Q2 2026 drilling program at Santas Gloria Property.
  2. Additional exploration work at Santas Gloria Property.
  3. Annual mineral claim payments in Peru.
  4. General working capital.
• Related Party Transaction: Executive Chairman Ian Stalker subscribed for 1,041,667 common shares (≈C$125,000), deemed exempt from formal valuation and minority shareholder approval under MI 61‑101.
• Exemption Details: Shares issued pursuant to the listed issuer financing exemption under NI 45‑106; no hold period required in Canada.

Notable Quotes

(No direct quotes were provided in the release.)