FIRST ANDES SILVER LTD. (TSXV: FAS) (OTC Pink: MSLVF) (FSE: 9TZ0) announced an update on the ongoing 2,000-meter diamond drill program at its flagship Santa Gloria Project , located approximately 55 kilometers east of Lima, Peru. Recent drilling has intersected multiple additional sulphide-bearing epithermal zones at the San Jorge vein system, further supporting the presence of a structurally controlled silver-polymetallic system at depth (Figure 1, Table 1).

Drill Highlights:

• To date, a total of 1,092 m has been drilled in 8 holes, with 188 samples (154.20 m) submitted for assay;
• Hole SG023: Intercepted a hydrothermal breccia zone from 145.25 to 174.80 m (29.55 m) characterized by silicification, argillic alteration, and sulphide mineralization. A 2.40-m-wide zone from 172.00 m hosted massive sulphides (pyrite, galena, and sphalerite);
• Hole SG020: Returned a 27.60-m interval (133.00 to 160.60 m) characterized by strong oxidation, sericite-clay alteration, and sulphides hosted in breccia and dacite. Structurally controlled sulphide veinlets and breccias suggest epithermal continuity at depth;
• Hole SG021: Intersected 13.80 m (93.40 to 107.20 m) of brecciated and fractured rock with pyrite and galena mineralization. Several zones recorded elevated sulphide concentrations, supporting a well-preserved sulphidic system;
• Hole SG018: Intersected a broad hydrothermal breccia zone from 85.65 to 114.20 m (28.55 m), with quartz veinlets, silicified clasts, and disseminated sulphides (pyrite-dominant). The drill hole crossed an historic underground working between 105.20 and 108.90 meters, interpreted to correspond to the main mineralized structure;
• Hole SG019: Cut 33.60 meters (80.00 to 113.60 m) of hydrothermally altered rock, including quartz stockworks and breccias with disseminated pyrite, sphalerite, and galena. A historical mine void was intersected at 110.90 m, confirming legacy workings along the mineralized corridor;
• Hole SG022: Encountered mineralized breccias and oxidized dacite from 91.10 to 98.70 m (7.60 m) characterized by manganese oxide minerals (“MnOx”) and pyrite;
• Santas Gloria is located within in a historically-mined silver district, where past production (dating back to the 1860s) occurred during with much lower silver prices, highlighting the Project’s strong mineral potential and increased relevance in today’s bullish silver market.

“Field logging results from the Company’s ongoing 2025 drill campaign continue to validate the scale, continuity, and fertility of the San Jorge vein system,” stated Colin Smith, CEO and Director of First Andes Silver. “In particular, the sulphide-bearing breccias intersected in SG023, SG020, and SG021 exhibit strong structural control and increasing polymetallic mineralization at depth, with pyrite, galena, and sphalerite all present. We eagerly anticipate the first batch of results which we expect to receive in approximately 2 weeks.”

 Figure 1: Plan map of ongoing 2025 drill program at San Jorge

* The 2024 drill assays were disclosed in the Company’s news release dated October 29, 2024. The channel samples were disclosed in the Company’s news release dated June 2, 2021.

*AgEq formula: AgEq = ((Ag ppm x Ag g/USD)+(Au ppm x Au g/USD)+(Pb ppm x Pb g/USD)+(Zn ppm x Zn g/USD)) / (Ag g/USD)

*Metal priced applied: Ag = $28 USD/oz, Au = $2500 USD/oz, Pb = $2100 USD/t, Zn = $2900 USD/t (all multiplied by below recoveries)

*Metal recoveries applied (from 2021 test work): Ag = 88.1%, Au = 80.9%, Zn = 64.4%, Pb = 79.3%

*2021 metallurgical test work news release: https://firstandes.com/mantaro-silver-corp-receives-positive-preliminary-metallurgical-test-results-for-both-bulk-flotation-and-sequential-flotation-recovery-options-with-the-bulk-flotation-demonstrating-recoveries-of-88/

Table 1: Summary of field logging interpretations at the 2025 drill program, San Jorge vein system

*reported intervals are drilled lengths, true widths are yet to be determined

Quality Assurance / Quality Control

The Company follows industry-recognized standards of Best Practice and QA/QC. HQ-diameter core samples are sawed into equal halves, and selected ½ core samples are submitted to AHK Group in in Lima, Peru, a market-leading provider of inspection and analysis services which maintains rigorous quality standards through compliance with industry standards and regulations, including ISO/IEC 17025 and ISO 9001. Core samples are sealed in plastic bags using single use tie-locks, thereby ensuring chain of custody, for fire assay and ICP analysis. To date, all batches have passed QA/QC within acceptable tolerance limits. All diamond holes were drilled in PQ-NQ diameter. Core recovery across all veins exceeded 90%.

Qualified Person

Dr. Christopher Wilson, Ph.D., 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 is not independent and serves as Chief Geologist of First Andes Silver Ltd. and owns securities of the Company.

About First Andes Silver Ltd.

First Andes Silver Ltd. is a British Columbia company that holds a 100% interest in the high-grade Santas Gloria silver property, located in a major mining district 55 km east of Lima, Peru. Santas Gloria has excellent established road access, and is situated within a well-known intermediate sulphidation epithermal belt, and hosts over 12 km of multiphase veins mapped at surface which had never been historically drilled or explored by modern techniques before 2024. First Andes’ 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.