Indicated Resources Contain 29.9 Moz AgEq¹ at 519 g/t AgEq and Inferred Resources Contain 27.9 Moz AgEq at 369 g/t AgEq

Outcrop Silver & Gold Corporation (TSX: OCG) (OTCQX: OCGSF) (DE: MRG) is pleased to report the results of an updated mineral resource estimate for its 100%-owned Santa Ana primary silver project in Colombia.

HIGHLIGHTS

• The Updated MRE includes:
  • Indicated resources with 29.9 million ounces silver-equivalent¹ comprised of 21.7 Moz silver and 0.104 Moz gold; and
  • Inferred resources with 27.9 Moz AgEq, comprised of 20.1 Moz silver and 0.098 Moz gold.
• Contained AgEq ounces in Indicated resources in the Updated MRE increased 23.5% compared to the maiden mineral resource estimate for the Santa Ana Project outlined in a technical report dated June 8, 2023. Inferred resources increased 106.3% to 27.9 Moz AgEq.
• Mineral Resource classification in the Updated MRE applied a more rigorous standard than the Maiden MRE, including constraining resources based on reasonable prospects for eventual economic extraction and mineable shape optimization.
• The Updated MRE is based on 130,006 metres of total drilling in 646 holes and uses a cut-off grade of 95 g/t AgEq for the Santa Ana and Los Naranjos veins and 130 g/t AgEq at all other veins.
• The Updated MRE confirms the very high-grade nature of the Santa Ana project. The average grade of the Indicated resources is 518.7 g/t AgEq, of which 72.6% is from silver and 27.4% is from gold. Mineralization is contained in 13 primary vein systems, which range in average Indicated grade from 197.4 to 854.8 g/t AgEq.
• Significant upside remains from exploration. There are twelve known veins that have yet to be drill tested at a resource definition level. Plus, the Company maintains a substantial pipeline of untested geophysical and geochemical anomalies that further support the growth potential of the Santa Ana project.

“Since the Maiden MRE three years ago, Outcrop Silver’s exploration team has done an outstanding job of growing contained silver and gold ounces, as well as understanding the geology at the Santa Ana project,” commented Rob Bruggeman, President and CEO. “Mineralization at Santa Ana continues to impress with its high grades, continuity and scale. New vein systems like Guadual and Aguilar have added substantial resources to the Updated MRE, with another dozen veins still to be adequately drill tested and more veins likely to be discovered as exploration continues.”

The Updated MRE was prepared by APEX Geoscience Ltd. in accordance with Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards – For Mineral Resources and Mineral Reserves adopted May 19, 2014, and in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The effective date of the Updated MRE is September 10, 2026.

Table 1. Summary of the Indicated and Inferred Underground Mineral Resources on the Santa Ana Property

9

0

5

0

8

4

6

0

7

3

The information in Table 2 illustrates the grade distribution of material comprising the stated Underground Mineral Resource. It does not represent alternative Mineral Resource estimates or alternative reporting cut-off scenarios. The Underground Mineral Resource is reported on a take-all basis within the RPEEE-constrained underground reporting shapes shown in Table 1.

Table 2 – Distribution of AgEq Grades Within the Stated Underground Mineral Resource Reporting Shapes

Updated MRE Discussion

The Updated MRE is based on a total of 130,006 m of drilling in 646 drill holes, representing an increase of 71,094 m of drilling from the Maiden MRE. Silver and gold mineralization in the Updated MRE is represented by 46 mineralized domains across 13 vein systems (Figure 1). Indicated mineralization varies in AgEq grade from 197.4 to 854.8 g/t, averaging 518.7 g/t AgEq. Some of the veins – such as El Dorado, Guadual, Paraiso, and Las Maras – demonstrate exceptionally high average AgEq grades.

Resource Classification Discussion

Mineral Resource classification in the Updated MRE applied a more rigorous standard than the Maiden MRE. Whereas the 2023 classification relied on a single distance-based criterion (Indicated within 40 m of drillhole samples), the 2026 classification requires both a defined search distance and a minimum number of supporting drillholes (three for Indicated, two for Inferred). As a result, despite a substantial increase in drilling since 2023, the growth in Indicated resources was modest (23.5%), reflecting the additional rigor of the updated classification approach rather than a limitation in the underlying data. Inferred resources increased substantially (106.3%) as a result of the additional drilling.

Classification was completed separately from grade estimation using search ellipsoids and minimum drillhole support. Indicated Resources require three drillholes within a 60 × 60 × 30 m ellipsoid, while Inferred Resources require two drillholes within a 120 × 80 × 30 m ellipsoid; trench and underground samples were not used to support Indicated classification.

Underground Mineral Resources are constrained within potentially mineable shapes generated using mining shape optimization (MSO) based on the selected mining method, geometry, and economic assumptions. Once a qualifying shape is defined, all material within the shape is reported on a “take-all” basis, including internal material below the stated cutoff grade, to reflect practical mining selectivity and internal dilution. Figures 2 and 3 illustrate the AgEq contained in each vein system for Indicated and Inferred mineral resource estimates.

Santa Ana Project Mineralization and Exploration Potential

Silver and gold mineralization at Santa Ana is hosted in a series of major vein systems that include multiple parallel veins and mineralized shoots spanning a strike length of 17 km (Figure 4). Mineralization is open along strike, especially at the southwestern end of the Santa Ana project. There are at least twelve known vein systems not included in the Updated MRE due to insufficient or no drill testing. Future drilling will evaluate the potential of these vein systems to further grow the mineral resource estimates. Furthermore, the Company maintains a pipeline of untested geophysical and geochemical anomalies that could translate into additional drill targets, further supporting the growth potential of the Santa Ana project.

The vein systems on the Santa Ana project vary from steeply dipping to shallow dipping. The majority of the mineralization occurs within 300 m from surface (Figure 5, 6 and 7), with resource growth potential at depth from ore shoots and feeders.

Vein Descriptions

The mineralized trends at the Santa Ana Project are strongly structurally controlled and are characterized by narrow veins hosted primarily within two principal structural orientations. The dominant vein system strikes NNE and is associated with steeply dipping shear structures, typically dipping approximately 80° to the west, whereas a secondary vein set strikes NE and exhibits more moderate westerly dips, generally ranging from 35° to 60°.

Mineralization is hosted predominantly within quartz-sericite and chlorite-actinolite schists, locally crosscut by intermediate-composition dikes. Hydrothermal alteration adjacent to the mineralized structures is generally restricted, with sericitic and argillic alteration forming narrow halos that typically extend less than 1 m into the wall rock. Mineralization is characterized by an assemblage of pyrite (Py), sphalerite (Sph), galena (Gn), with variable chalcopyrite (Cpy), argentite (Arg), pyrargyrite (Pyr), native silver, and electrum. The relative abundance of these minerals varies systematically along both the strike and dip of the mineralized veins.

Py: Pyrite, Gn: Galena, Sph: Sphalerite, Prg: Pyrargyrite, Arg: Argentite, Ag: Native Silver, Elec: Electrum, V.G: Visible Gold.

Resource Modeling

The Updated MRE is based on 646 diamond drillholes. APEX was supplied with wireframes generated by Outcrop Silver in Leapfrog and APEX refined the interpretation by incorporating unmodelled high-grade intercepts and adding data-supported domains while preserving the overall geological framework. Mineralized vein thicknesses in the indicated and inferred resources ranged from 0.06 to 9.96 m and averaged 0.91 m.

Mineral Resource modelling was conducted in the UTM coordinate system relative to the North American Datum 1983 / UTM Zone 15N (EPSG:26915). The MRE utilized a block model with a parent block size of 2 m (X) by 2 m (Y) by 2 m (Z) to honour the mineralization wireframes for estimation. Silver (Ag) and gold (Au) grades were estimated using inverse distance squared (ID2) with locally varying anisotropy (LVA) to reproduce grade continuity along the variable orientations of the mineralized veins. For the Santa Ana vein set, a High Yield (HY) estimation approach was incorporated with the ID2-LVA estimation to restrict the spatial influence of high-grade samples. The model is sub-blocked for shape optimization and resource reporting. Underground Mineral Resources are reported within optimized mining shapes generated using mining-shape optimization and reported on a “take-all” basis (i.e., including internal dilution within the shapes). Drillhole samples were composited to a target length of 1.0 m using a balanced compositing method that adjusts composite lengths within each contiguous domain interval to maintain consistent support and minimize short residual composites.

Composite silver and gold grades were reviewed for outliers using log-probability plots and 3D spatial analysis. Grade capping thresholds were applied on a vein-area basis where warranted to limit the influence of isolated high-grade values on the resource estimate.

Specific gravity test work was completed for 1,541 core samples. Density values were assigned by vein domain based on statistical analysis of available specific gravity measurements. A density of 2.77 t/m³ was assigned to the Los Mangos and Las Maras vein areas, 2.46 t/m³ to La Isabela, and 2.65 t/m³ to all other mineralized vein areas. A density of 2.63 t/m³ was assigned to country rock.

A technical report prepared by APEX in accordance with NI 43-101 will be filed on the Company’s website and SEDAR+ within 45 days of this press release.

Progress to Date and Resource Growth Potential

The Updated MRE demonstrates the effectiveness of Outcrop Silver’s systematic exploration strategy across the Santa Ana Project. Since the 2023 Maiden MRE, exploration has expanded the scale of known mineralized systems, converted previously untested and blind targets into mineral resources, and validated predictive exploration concepts developed through the team’s geological analysis and interpretation, leading to the identification of additional mineralization within previously known systems. With mineral resources now defined across a substantially broader portion of the project, from Los Naranjos in the north to Los Mangos in the south, the Updated MRE demonstrates the progress achieved through systematic exploration since 2023. With several known vein systems remaining insufficiently tested or untested, the Outcrop Silver technical team has a substantial pipeline of exploration work to continue applying the same disciplined approach that has driven resource growth since the Maiden MRE.

Qualified Persons

The Updated MRE was prepared under the supervision of Warren Black, M.Sc., P.Geo., a Senior Consultant: Mineral Resources and Geostatistics of APEX who is independent of the Company and a Qualified Person as defined under NI 43-101. Mr. Black is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant factors that could materially affect the Updated MRE and has reviewed and approved the technical contents relating to the Updated MRE in this news release.

The technical information presented in this news release has been reviewed and approved by Carlos Torres, P.Geo., Vice President of Exploration for Outcrop Silver and the Qualified Person for exploration at the Santa Ana Project, as defined by NI 43-101.

¹Silver Equivalent

Metal prices used for equivalent calculations were US$3,100/oz for gold, and US$40/oz for silver, based on three-year trailing average prices. Metallurgical recoveries based on Outcrop Silver’s metallurgical test work are 98.5% for gold and 96.3% for silver (see news release dated June 25, 2024). The equivalency formula is as follows:

The resulting silver-to-gold equivalency ratio has been rounded to 79:1, meaning that 79 g/t Ag is equivalent to 1 g/t Au for the purposes of calculating silver-equivalent grades.

QA/QC

Outcrop Silver applied its standard protocols for sampling and assay for exploration activities. Core diameter is a mix of HTW and NTW, depending on the drill hole depth. Diamond drill core boxes were photographed, sawed, sampled, and tagged. Samples were bagged, tagged, and packaged for shipment by truck from Santa Ana’s core logging facilities in Falan, Colombia to the Actlabs certified sample preparation facility in Medellin, Colombia. Actlabs is an accredited laboratory independent of the Company. HTW/NTW core is sawn with one-half shipped. Samples delivered to Actlabs were AA assayed on Au, Ag, Pb, and Zn at Medellin using 1A2Au, 1A3Au, Multi-elements AR (Ag Cu Pb Zn), and Code 8 methods. Then, samples were sent to Actlabs Canada in Ancaster, Ontario, for ICP multi-elemental analysis under code 1E3. In line with QA/QC best practices, blanks, duplicates, and certified reference materials are inserted into the sample stream at approximately 3 control samples every 20 samples to monitor laboratory performance. A comparison of control samples and their standard deviations indicates acceptable assay accuracy and no detectable contamination. No material QA/QC issues have been identified with respect to sample collection, security, and assaying. The samples are analyzed for gold and silver using a standard fire assay on a 30-gram sample with a gravimetric finish for over-limits. Multi-element geochemistry was determined by ICP-MS using either aqua regia or four acid digestions. Crush rejects, pulps, and the remaining core are stored in a secured facility at Santa Ana for future assay verification.

About Santa Ana

The 100%-owned Santa Ana project spans over 28,000 hectares within the Mariquita District, encompassing both titles and applications, and is recognized as the largest and highest-grade primary silver district in Colombia, with mining records dating back to 1585.

The ongoing 35,000 metre drill campaign has extended known mineralization and tested additional target areas within the 17-kilometre-long fully titled mineralized corridor at the Santa Ana Project. Additional drilling will focus on growing mineral resources within the known vein systems while also drill testing new vein systems. Since initial drilling in 2019, the Company has a track record of discovering new high-grade vein systems on a regular basis.

About Outcrop Silver

Outcrop Silver is rapidly advancing its flagship Santa Ana high-grade silver project in Colombia. Leveraging a disciplined and seasoned team of professionals with decades of experience in the region, Outcrop Silver is dedicated to expanding high grade silver and gold mineral resources while advancing the Santa Ana project towards production.

At the core of our operations is a commitment to responsible mining practices and community engagement, underscoring our approach to sustainable development. With a deep understanding of the Colombian mining landscape and a proven track record of successful exploration, Outcrop Silver is well-positioned to transform the Santa Ana project into a significant silver producer, making a positive contribution to the local economy and setting new standards in the mining industry.