Vancouver, British Columbia--(Newsfile Corp. - November 5, 2026) - FIRST ANDES SILVER LTD. (TSXV: FAS) (OTCQB: FASLF) (FSE: 9TZ0) ("First Andes" or the "Company") announces the commencement of its Phase 2 soil sampling program at the Company's 100%-owned Santas Gloria Project ("Santas Gloria" or the "Project"), located approximately 55 kilometres east of Lima, Peru.

Key Points Summary:

• Phase 2 soil sampling commenced: 1,615 soil samples planned across the largely unexplored southern portion of Santas Gloria;
• Major hydrothermal alteration target: Sampling to cover a substantial portion of the 1.3 km x 2 km WorldView-3 zoned hydrothermal alteration system;
• Multiple prospective vein systems: Coverage of Tembladera, San Jorge and adjacent kilometre-scale undrilled epithermal vein corridors;
• Phase 1 success: Six Ag-in-soil anomalies totalling 4.3 km of aggregate strike length and a >1.2-km-long Au-in-soil anomaly, demonstrating strong geochemical continuity; and
• Drill target generation: Results to refine and prioritize new targets across the broader Santas Gloria vein field.

"Phase 1 soil sampling delineated extensive gold and silver anomalies across multiple epithermal vein corridors at Santas Gloria," stated Colin Smith, CEO and Director of First Andes Silver. "We are now extending this successful approach into the southern half of the Project, where a major WorldView-3 hydrothermal alteration footprint coincides with multiple kilometre-scale vein systems. This combination of extensive alteration, high-grade silver occurrences and limited historical drilling presents a compelling opportunity to identify new mineralized corridors and advance priority drill targets."

Phase 2 Soil Sampling Program

The Phase 2 program comprises approximately 1,615 planned soil samples across the southern portion of Santas Gloria (Figure 1). Sampling will follow north-south oriented lines spaced 100 metres apart, with samples collected at 25-metre intervals.

The program will provide systematic geochemical coverage across several extensive intermediate-sulphidation epithermal vein systems, including Tembladera, San Jorge and adjacent prospective structures. These systems host mapped veins, historical workings and locally high-grade silver mineralization, but remain largely underexplored.

A key focus is the approximately 1.3 km x 2 km zoned hydrothermal alteration system identified through WV-3 SWIR spectral mapping (see news release dated January 19, 2026). The footprint exhibits zoned spectral responses interpreted as kaolinite, dickite, sericite, montmorillonite and chlorite-epidote, consistent with extensive hydrothermal alteration (Figure 2).

The soil grid covers a substantial portion of this alteration footprint and associated vein structures. Integration of geochemical and spectral data will help identify prospective structural corridors and refine targets for potential concealed silver-gold mineralization.

Figure 1: Santas Gloria Project showing planned Phase 2 soil sampling locations (green), Phase 1 silver-in-soil results (blue), mapped epithermal veins, historical rock samples and 2024-2025 drill collars.

 To view an enhanced version of this graphic, please visit:
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Figure 2: Santas Gloria Project showing planned Phase 2 soil sampling locations (green), Phase 1 silver-in-soil results (blue), mapped epithermal veins, historical rock samples and 2024-2025 drill collars, overlaid on WorldView-3 SWIR spectral alteration mineral mapping.

 To view an enhanced version of this graphic, please visit:
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Phase 1 Soil Sampling Results

The Phase 2 program builds on the successful Phase 1 survey of 1,037 soil samples across the northern portion of Santas Gloria. Phase 1 delineated six coherent silver-in-soil anomalies along the Maribel, Paquita, Rosario, Eulalia and Kelly vein corridors, collectively defining approximately 4.3 km of aggregate strike length, with individual values reaching 68.1 ppm Ag (see news release dated March 2, 2026).

Subsequent gold and multi-element analyses identified a coherent, greater than 1.2-km-long gold-in-soil anomaly along the Kelly-Eulalia structural corridor, characterized by a broad anomalous halo and a higher-grade core exceeding 0.6 ppm Au. The gold anomaly remains open along strike and is spatially associated with mapped epithermal veins and inferred sericitic alteration (see news release dated May 14, 2026).

These results demonstrate the effectiveness of systematic soil geochemistry in delineating coherent anomalous corridors within the mapped vein systems, providing a strong foundation for extending exploration across the southern portion of the Project.

Next Steps

• Complete Phase 2 soil sampling across the southern vein systems and hydrothermal alteration footprint;
• Submit samples for gold and multi-element geochemical analysis, including silver and associated pathfinder elements;
• Integrate Phase 2 results with existing soil geochemistry, WV-3 spectral alteration mapping, structural interpretation and historical exploration data; and
• Delineate and rank priority geochemical and structural targets for follow-up exploration and future diamond drilling.

Analytical Methods and QA/QC

Soil samples will be collected and bagged under the supervision of Company personnel following standard industry practices. Samples are to be submitted to ALS Peru S.A. (Lima, Peru) for analysis. Samples will be prepared by drying, sieving and pulverizing, and analysed for Ag and a suite of elements by multi-element ICP methods following four-acid digestion. The Company will report the complete multi-element dataset and any follow-up interpretations once final compilation and QA/QC review are complete.

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 approximately 55 km east of Lima, Peru. Santas Gloria has excellent established road access, is situated within a well-known intermediate-sulphidation epithermal belt, and hosts over 12 km of multiphase veins mapped at surface that had never been historically drilled or explored using modern techniques prior to 2024. Across two phases of diamond drilling (2024-2025), First Andes has reported strong near-surface epithermal silver intercepts in 21 of 26 drill holes, confirming silver mineralization across multiple vein systems and supporting systematic, project-wide exploration and follow-up drilling in 2027.

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to Company's limited operating history, ability to obtain sufficient financing to carry out its exploration programs and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.

The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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Source: First Andes Silver Ltd.