Outcrop Silver Updates Santa Ana Resource Estimate, Reports Higher Indicated and Inferred Ounces

• Indicated resources total 29.9 million ounces of silver equivalent, grading 519 grams per tonne, up 23.5% from the 2023 estimate.
• Inferred resources total 27.9 million ounces of silver equivalent, grading 369 grams per tonne, up 106.3% from 2023.
• The estimate is based on 646 drill holes totalling 130,006 metres, an increase of 71,094 metres since 2023.
• Mineralization is defined across 13 vein systems, with average Indicated grades ranging from 197 to 855 grams per tonne.
• Twelve known vein systems remain untested at a resource level, along with unexplored geochemical and geophysical targets across a 17 kilometre corridor.

Outcrop Silver (TSX: OCG, OTCQX: OCGSF, FSE: MRG) is a Colombia-based company that holds a 100% interest in the Santa Ana silver project, where it has been drilling since 2019. The company has released an updated mineral resource estimate for the project, reflecting drilling completed since its first resource estimate in 2023. The company states its team has decades of experience in the region and describes community engagement as part of its approach to operating the project.

Updated Resource Estimate for Santa Ana

The updated estimate reports Indicated resources of 29.9 million ounces of silver equivalent and Inferred resources of 27.9 million ounces. Silver equivalent combines silver and gold ounces into a single figure using their relative value, allowing the two metals to be reported together. Indicated resources consist of 21.7 million ounces of silver and 104,000 ounces of gold. Inferred resources consist of 20.1 million ounces of silver and 98,000 ounces of gold.

The Indicated resource grades 519 grams per tonne silver equivalent, of which silver accounts for 72.6% and gold 27.4%. Mineralization occurs across 13 vein systems, with average Indicated grades ranging from 197.4 to 854.8 grams per tonne between individual veins, including El Dorado, Guadual, Paraiso and Las Maras.

President and CEO Rob Bruggeman said:

"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. 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."

Updated Classification Methodology

The 2026 estimate applied a different classification approach than the 2023 estimate. The prior estimate classified material as Indicated based on a single distance criterion, within 40 metres of a drill sample. The updated estimate requires both a defined search distance and a minimum number of supporting drill holes: three holes within a 60 by 60 by 30 metre area for Indicated resources, and two holes within a 120 by 80 by 30 metre area for Inferred resources. Samples from trenches and underground workings were not used to support Indicated classification.

Resources were also constrained using reasonable prospects for eventual economic extraction, a standard requiring that only material realistically minable under current assumptions is included in the estimate, together with mining shape optimization based on the selected mining methods. A cut-off grade of 95 grams per tonne silver equivalent was applied to the Santa Ana and Los Naranjos veins, and 130 grams per tonne to all other veins.

Under this methodology, Indicated resources increased by 23.5% despite a 71,094 metre increase in drilling, while inferred resources, which require fewer supporting drill holes, increased by 106.3%. A technical report describing the estimate will be filed on SEDAR+ within 45 days of this release.

Untested Vein Systems and Exploration Targets

Mineralization at Santa Ana extends across a 17 kilometre corridor. Twelve known vein systems have not been drilled sufficiently to support a resource estimate and are not included in the current update. Mineralization remains open along strike, including toward the southwestern end of the project.

In addition to these twelve veins, the company has identified geophysical and geochemical anomalies that have not yet been drill tested. Most known mineralization occurs within 300 metres of surface, with additional potential identified at depth below currently modelled veins.

An ongoing 35,000 metre drill program is testing this potential, targeting both extensions of known veins and new vein systems.

Milestones and Next Steps

A technical report supporting the updated resource estimate is expected to be filed on SEDAR+ within 45 days. The current 35,000 metre drill program continues to test the twelve untested vein systems and the geochemical and geophysical targets identified along the Santa Ana corridor. Further updates on drilling results and resource estimates are expected as the program progresses.

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