ABRA.TO · 2025-07-29 12:00:00

AbraSilver Substantially Increases Total Diablillos Mineral Resources to 199 Million Ounces Contained Silver and 1.7 Million Ounces Contained Gold (350 Moz AgEq) in M&I Updated MRE Highlights Significant Growth Primarily at

Resource Estimates

AbraSilver Substantially Increases Total

Diablillos Mineral Resources to 199 Million

Ounces Contained Silver and 1.7 Million

Ounces Contained Gold (350 Moz AgEq) in M&I

Updated MRE Highlights Significant Growth Primarily at

Oculto & JAC, Plus Maiden Heap Leach Resource

Toronto, Ontario--(Newsfile Corp. - July 29, 2025) -

AbraSilver Resource Corp. (TSX: ABRA)

(OTCQX: ABBRF) ("AbraSilver" or the "Company")

is pleased to announce a substantial increase

to the Mineral Resource estimate ("MRE") on the Company's wholly owned Diablillos property in

Argentina ("Diablillos" or the "Project").

The updated MRE now totals

104 million tonnes ("Mt") of ore

, containing approximately

199 million

ounces ("Moz") of silver and 1.72 Moz of gold

(

350 Moz silver-equivalent "AgEq"

) in the

Measured & Indicated ("M&I") category.

This total includes a maiden heap leach Mineral Resource

estimate and reflects significant increases across five deposits (Oculto, JAC, Fantasma, Laderas and

Sombra) located at Diablillos

Key Highlights of the Updated MRE (Combined Tank and Heap Leach):

Total M&I Mineral Resources (tank and heap leach) now stand at

104 Mt grading 59 g/t Ag and

0.51 g/t Au, containing 199 Moz Ag and 1.72 Moz Au (350 Moz AgEq).

Tank leach Mineral Resource estimate totals

73 Mt grading 79 g/t Ag and 0.66 g/t Au,

containing 186 Moz Ag and 1.55 Moz Au (327 Moz AgEq).

Maiden heap leach MRE adds

31 Mt grading 13 g/t Ag and 0.16 g/t Au, containing 13 Moz Ag

and 162 koz Au (23 Moz AgEq).

Based on lower-grade material contained with the constraining Whittle open pit, previously

classified as waste, now recognized as potentially recoverable though a low-cost processing

route.

Key Changes Compared to Prior MRE (Tank Leach Only):

25% increase in contained silver

in M&I Mineral Resources to

186 Moz Ag

from 148 Moz Ag.

14% increase in contained gold

in M&I Mineral Resources

to 1.55 Moz Au

from 1.36Moz Au.

27% increase in M&I silver-equivalent ounces to 327 Moz AgEq

from 258 Moz AgEq.

M&I Mineral Resources total

73.1 Mt grading 79 g/t Ag and 0.66 g/t Au (139 g/t AgEq).

Total Inferred Mineral Resources have increased by 330% and now contain 10 Moz Ag and

0.18 Moz Au (26.6 Moz AgEq).

The MRE contains only minerals in oxides, located across five Whittle constrained open-pits

deposits (Oculto, JAC, Fantasma, Laderas and Sombra).

The largest uplift in the M&I MRE was driven by the JAC deposit, where

tonnage increased by

148% and contained silver increased by 70%

(refer to Table 3 for details) due primarily to

additional exploration drilling.

Significant exploration upside remains

from the ongoing Phase V drill program, focused

mainly at Oculto NE and other potential zones, with another MRE update expected in H1/26.

John Miniotis, President and CEO, commented, "We are very excited to report that M&I Mineral

Resources at Diablillos have now grown to nearly 200 Moz of silver and over 1.7 Moz of gold. This

substantial increase highlights the exceptional mineral endowment of our Project and our team's

continued success in unlocking value through exploration. This updated Mineral Resource estimate will

form the basis for the upcoming Definitive Feasibility Study ("DFS"), which remains on track for

completion in Q1/2026."

David O'Connor, Chief Geologist, stated, "The updated MRE demonstrates both the large-scale and

high-quality of Diablillos. The JAC zone, in particular, has been a major driver of Mineral Resource

growth and is expected to be a key focus of early mining stages, with its high-grade and near-surface

location. With significant exploration potential still ahead of us from our ongoing Phase V drill program,

we anticipate continued Mineral Resource expansion and additional discoveries across multiple

targets."

July 2025 Mineral Resource Estimate Statement

Table 1 - Total Diablillos Mineral Resource Summary (Tank & Heap Leach) - As of July 21, 2025.

Zone

Category

Tonnes

(000 t)

(g/t)

AgEq

(g/t)

Contained Ag

(000 Oz Ag)

Contained Au

(000 Oz Ag)

Contained

AgEq

(000 Oz Ag)

Tank Leach

Oxides

Measured

26,545

119

0.71

183

101,564

604

156,487

Indicated

46,584

0.63

114

84,430

948

170,592

Measured &

73,129

0.66

139

185,994

1,553

327,078

Indicated

Inferred

9,693

0.57

10,616

176

26,647

Heap Leach

Oxides

Measured

6,673

0.14

3,486

5,342

Indicated

24,102

0.17

9,163

133

17,506

Measured &

30,774

0.16

12,649

162

22,848

Indicated

Inferred

10,024

0.20

2,811

6,850

Total

Oxides

Measured

33,218

0.59

152

105,050

634

161,829

Indicated

70,686

0.48

93,593

1,081

188,098

Measured &

103,904

0.51

105

198,643

1,715

349,927

Indicated

Inferred

19,628

0.38

13,427

241

33,496

Refer to footnotes in Tables 2 and 4

Figure 1 - Visualization of Oculto and JAC Mineral Resource Estimate

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/11792/260453_ee5dbfc86493b8be_001full.jpg

Table 2 - Diablillos Mineral Resource Estimate by Deposit (Tank Leach Material Only) - As of

July 21, 2025.

Deposit

Zone

Category

Tonnes

(000 t)

(g/t)

AgEq

(g/t)

Contained Ag

(000 Oz)

Contained Au

(000 Oz)

Contained

AgEq

(000 Oz)

Oculto

Oxides

Measured

20,485

107

0.89

188

70,193

588

123,611

Indicated

36,898

0.77

115

53,128

917

136,439

Measured &

Indicated

57,382

0.82

141

123,321

1,505

260,051

Inferred

8,026

0.67

6,898

173

22,663

JAC

Oxides

Measured

6,061

161

0.08

169

31,371

32,875

Indicated

7,073

119

0.05

124

27,121

28,090

Measured &

13,134

139

0.06

144

58,492

60,965

Indicated

Inferred

1,036

0.01

2,558

2,602

Fantasma

Oxides

Measured

Indicated

1,049

0.01

2,436

2,455

Measured &

Indicated

1,049

0.01

2,436

2,455

Inferred

475

0.01

978

986

Laderas

Oxides

Measured

Indicated

806

0.67

428

2,014

Measured &

Indicated

806

0.67

428

2,014

Inferred

104

0.68

259

Sombra

Oxides

Measured

Indicated

758

0.12

1,317

1,594

Measured &

Indicated

758

0.12

1,317

1,594

Inferred

0.04

131

137

Total (tank

leach)

Oxides

Measured

26,545

119

0.71

183

101,564

604

156,487

Indicated

46,584

0.63

114

84,430

948

170,592

Measured &

Indicated

73,129

0.66

139

185,994

1,553

327,078

Inferred

9,693

0.57

10,616

176

26,647

Mineral Resources are not Mineral Reserves and have not demonstrated economic viability.

The formula for calculating AgEq is as follows: Silver Eq Oz = Silver Oz + Gold Oz x (Gold Price/Silver Price) x (Gold Recovery/Silver Recovery).

The Mineral Resource model was populated using Ordinary Kriging grade estimation within a three-dimensional block model and mineralized

zones defined by wireframed solids, which are a combination of lithology and alteration domains.

The 1m composite grades were capped where

appropriate.

The Mineral Resource is reported inside a conceptual Whittle open pit shell derived using US$ 27.50/oz Ag price, US $2,400/oz Au price, 83%

process recovery for Ag, and 87% process recovery for Au.

The constraining open pit optimization parameters used were US $1.94/t mining cost, US $22.96/t processing cost, US $3.32/t G&A cost, and

average 51-degree open pit slopes.

The MRE has been categorized in accordance with the CIM Definition Standards (CIM, 2014).

A Net Value per block [NVB] calculation was used to constrain the Mineral Resource, determine the "Benefits = Income-Cost", where, Income =

[(Au Selling Price (US$/oz) - Au Selling Cost (USD/Oz)) x (Au grade (g/t)/31.1035)) x Au Recovery (%)] + [(Ag Selling Price (US$/oz) - Ag Selling

Cost (USD/Oz)) x (Ag grade (g/t)/31.1035)) x Ag Recovery (%)] and Cost = Mining Cost (US$/t) + Process Cost (US$/t) + Transport Cost (US$/t) +

G&A Cost (US$/t) + [Royalty Cost (%) x Income]

The Mineral Resource is sub-horizontal with sub-vertical feeders and a reasonable prospect for eventual economic extraction by open pit and

tank leach processing methods.

In-situ bulk density were assigned to each model domain, according to samples averages for each lithology domain, separated by alteration

zones and subset by oxidation.

All tonnages reported are dry metric tonnes and ounces of contained gold are troy ounces.

Mining recovery and dilution factors have not been applied to the Mineral Resource estimates.

The Mineral Resource was estimated by Luis Rodrigo Peralta, B.Sc., FAusIMM CP (Geo), Independent Qualified Person under NI 43-101.

Mr. Peralta is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues that could

materially affect the potential development of the Mineral Resource.

All figures are rounded to reflect the relative accuracy of the estimates. Minor discrepancies may occur due to rounding to appropriate significant

figures.

Updated Tank Leach Mineral Resource Estimate Highlights Significant Growth at JAC and

Oculto

The largest gains in the updated tank leach MRE stem from significant extensions at the JAC and Oculto

deposits.

These expansions underscore the high-grade continuity of mineralization at both deposits and

their central role in supporting the upcoming mine plan.

In total, the Diablillos project is now comprised of

five deposits (Oculto, JAC, Fantasma, Laderas and Sombra) containing defined Mineral Resources.

At Oculto

, M&I

tonnage increased by 23%

, with contained

silver up 11%

and

gold up 14%.

The growth is primarily driven by strong drill results from holes DDH-24-011, DDH-24-021, DDH-

24-027, DDH-24-031, DDH-24-034, DDH-24-043, DDH-24-049, DDH-24-051, DDH-24-052,

DDH-25-011 and DDH-25-024, which extended both the Silver Enrichment and Deep Gold zones

to the northeast.

At JAC

, M&I Mineral Resources increased by

148% in tonnage

, with contained silver rising

70%

and contained gold up 23%

This substantial increase reflects the success of the Phase IV

drilling campaign, which focused on extending the orebody to the southwest and expanding the

margins, further highlighting the potential of high-grade, near-surface silver mineralization in this

area.

At Fantasma,

M&I Mineral Resources grew by

54% in tonnage

and

6% in contained silver.

The increase in metal price assumptions has upgraded material previously classified as waste into

lower grade mineralization, enhancing the size of the Mineral Resource in this area.

At Laderas,

M&I tonnage rose by

74%

, with contained

silver up 79%

and

gold up 21%.

As with

Fantasma, higher metal price assumptions have led to the reclassification of material previously

categorized as waste into lower grade silver and gold mineralization.

At Sombra,

the initial M&I Mineral Resource is

supported by 11 initial drill holes

in this

newly

discovered area

. Drill holes DDH-24-069, DDH-24-062, DDH-24-036, DDH-25-019 and DDH-

25-026 confirm the potential of this zone.

Although still at an early stage, Sombra shows significant

potential as the mineralization lies beneath only 35 metres of easily mineable unconsolidated

colluvial cover.

Table 3 - Comparison of the July 2025 M&I MRE (tank leach) to the Prior Estimate (November

2023).

Deposit

Category

Tonnes

(000 t)

(g/t)

Contained Ag

(k oz Ag)

Contained

(k oz Au)

Oculto

Current Resource

Measured &

Indicated

57,382

0.82

123,321

1,505

Prior Resource

Measured &

Indicated

46,824

0.88

111,401

1,325

Variance (%)

23%

-9%

-7%

11%

14%

Current Resource

Measured &

Indicated

13,134

139

0.06

58,492

JAC

Prior Resource

Measured &

Indicated

5,286

202

0.13

34,329

Variance (%)

148%

-31%

-54%

70%

23%

Fantasma

Current Resource

Measured &

Indicated

1,049

2,436

Prior Resource

Measured &

Indicated

683

105

2,306

Variance (%)

54%

-31%

Laderas

Current Resource

Measured &

Indicated

806

0.67

428

Prior Resource

Measured &

Indicated

464

0.91

239

Variance (%)

74%

-26%

79%

21%

Sombra

Current Resource

Measured &

Indicated

758

0.12

1,317

Prior Resource

Measured &

Indicated

Variance (%)

n/a

All deposits

(tank leach

only)

Current Resource

Measured &

Indicated

73,129

0.66

185,994

1,553

Prior Resource

Measured &

Indicated

53,257

0.79

148,275

1,360

Variance (%)

37%

-9%

-16%

25%

14%

Notes to Mineral Comparison Table

Key Assumptions in July 2025 MRE:

Ag price: $ 27.50/oz & Au price: $2,400/oz

Average recovery rates (tank leach): 82.6% Ag and 86.5% Au

Cut-off grade: based on Net Value per Block, with an average cut-off grade equivalent to ~39

g/t AgEq

Open pit optimization parameters: Mining cost; $1.94/t; Processing cost; $22.97/t; G&A cost

$3.32/t

Key Assumptions in 2023 MRE:

Ag price: $ 24.00/oz & Au price: $1,850/oz

Average recovery rates (tank leach): 82.6% Ag and 86.5% Au

Cut-off grade: based on Net Value per Block, with an average cut-off grade equivalent to ~45

g/t AgEq

Open pit optimization parameters: Mining cost; $1.94/t; Processing cost; $22.97/t; G&A cost

$3.32/t

For additional details, please refer to "NI 43-101 Technical Report, Mineral Resource

Estimate, Diablillos Project" with an effective date of November 22, 2023 and available on

the Company's profile on

www.sedarplus.ca

Heap Leach Mineral Resource Estimate

The inclusion of a maiden heap leach Mineral Resource estimate marks an important milestone for

Diablillos.

This additional M&I tonnage of 30.8 Mt of lower-grade material is contained within the same

constraining Whittle open pit as described above for the tank leach MRE. The vast majority of this

tonnage, which is sourced from the Oculto deposit, was previously classified as waste and now provides

the opportunity to reduce the strip ratio and further enhance overall Project economics.

Preliminary

metallurgical testwork has demonstrated that the heap leach material offers a potential incremental, cost-

effective processing route that complements the primary tank leach circuit.

A Preliminary Economic

Assessment ("PEA") evaluating the additional heap leach potential is planned for completion in H1

2026.

Table 4 - Diablillos Mineral Resource Estimate (Heap Leach Material Only) - As of July 21, 2025.

Deposit

Zone

Category

Tonnes

(000 t)

(g/t)

AgEq

(g/t)

Contained Ag

(000 Oz Ag)

Contained Au

(000 Oz Ag)

Contained

AgEq

(000 Oz Ag)

Total

Oxides

Measured

6,673

0.14

3,486

5,342

Indicated

24,102

0.17

9,163

133

17,506

Measured &

30,774

0.16

12,649

162

22,848

Indicated

Inferred

10,024

0.20

2,811

6,850

Notes for July 2025 MRE (Heap Leach Material):

Mineral Resources are not Mineral Reserves and have not demonstrated economic viability.

The formula for calculating AgEq is as follows: Silver Eq Oz = Silver Oz + Gold Oz x (Gold Price/Silver Price) x (Gold Recovery/Silver

Recovery).

The Mineral Resource model was populated using Ordinary Kriging grade estimation within a three-dimensional block model and mineralized

zones defined by wireframed solids, which are a combination of lithology and alteration domains.

The 1m composite grades were capped

where appropriate.

The Mineral Resource is reported inside a conceptual Whittle open pit shell derived using US$ 27.50/oz Ag price, US $2,400/oz Au price,

80% process recovery for Ag, and 58% process recovery for Au.

The constraining open pit optimization parameters used and overall operational cost of US $11.31/t.

The MRE has been categorized in accordance with the CIM Definition Standards (CIM, 2014).

A Net Value per block [NVB] calculation was used to constrain the Mineral Resource, determine the "Benefits = Income-Cost", where,

Income = [(Au Selling Price (US$/oz) - Au Selling Cost (USD/Oz)) x (Au grade (g/t)/31.1035)) x Au Recovery (%)] + [(Ag Selling Price

(US$/oz) - Ag Selling Cost (USD/Oz)) x (Ag grade (g/t)/31.1035)) x Ag Recovery (%)] and Cost = Mining Cost (US$/t) + Process Cost

(US$/t) + Transport Cost (US$/t) + G&A Cost (US$/t) + [Royalty Cost (%) x Income]

In-situ bulk density were assigned to each model domain, according to samples averages for each lithology domain, separated by alteration

zones and subset by oxidation.

All tonnages reported are dry metric tonnes and ounces of contained gold are troy ounces.

Mining recovery and dilution factors have not been applied to the Mineral Resource estimates.

The Mineral Resource was estimated by Mr. Peralta, B.Sc., FAusIMM CP (Geo), Independent Qualified Person under NI 43-101.

Mr. Peralta is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues that could

materially affect the potential development of the Mineral Resource.

All figures are rounded to reflect the relative accuracy of the estimates. Minor discrepancies may occur due to rounding to appropriate

significant figures.

Figure 2 - Plan View of Mineral Resource Estimate

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/11792/260453_ee5dbfc86493b8be_002full.jpg

Significant Exploration Upside Potential

There remains substantial potential to further expand the Diablillos Mineral Resource estimate within the

existing deposits, particularly at Oculto East.

Ongoing and planned drilling is aimed at both step-out

exploration and defining new high-grade zones to extend the current Mineral Resources.

The Company

is advancing its fully-funded Phase V drill program, which includes an additional 20,000 metres of drilling

scheduled for completion by early 2026.

Existing Deposits:

Oculto:

Ongoing exploration is focused on extending known zones of mineralization, particularly

towards the northeast, where Oculto East represents a key growth opportunity.

Results from

recently announced hole DDH 25-024, with 31m @ 9.96g/t Au and 16.2g/t Ag, show the very high-

grade gold potential of the Oculto East area, and follow up drilling is underway with three rigs.

Geological interpretation has identified several structures in the area with high-grade gold

potential.

JAC:

Upcoming drilling will test the margins of the conceptual constraining open pit where

mineralization remains open.

Sombra:

An initial Mineral Resource has now been established, and additional drilling is planned

to expand this new discovery.

The mineralized zone is very shallow, covered by unconsolidated

colluvium, and is open along strike. Drilling was postponed here following the high-grade gold

intercept at Oculto East, which became the priority exploration area.

Diablillos Porphyry Complex:

Cerro Viejo:

The shallow intercept of 36.0m at 1.91 g/t gold in hole DDH 24-056 in the root zone

of epithermal mineralization at Cerro Viejo is scheduled for follow-up drilling later this year.

Mapping has shown that gold mineralized silicified zones extend significantly towards the west of

hole DDH 24-056.

Cerro Blanco:

This is the highest priority area for porphyry style mineralization based on shallow

historical Reverse Circulation ("RC") drill results and surface rock chip sampling of a mineralized

breccia zone. The area has been mapped in detail and surface sampling completed in preparation

for a deeper drilling program expected to commence before the end of August 2025.

Mineral Resource Estimate Methodology

The tank leach open pit constrained MRE for Diablillos is based on a Net Value per Block

methodology that results in an approximate cut-off grade of approximately 39 g/t AgEq, derived

from assumptions regarding specified metal prices and estimated operating costs for mining,

processing and G&A.

The updated processing assumptions now incorporate a secondary lower cost heap leaching

metal recovery process for lower-grade material, complementing the primary tank leaching. The

heap leach MRE has also employed a Net Value per Block method that results in a cut-off grade of

approximately 22 g/t AgEq.

The updated MRE was prepared by Luis Rodrigo Peralta, B.Sc., FAusIMM CP (Geo), Independent

Consultant, in accordance with Canadian Institute of Mining, Metallurgy and Petroleum ("CIM")

Definition Standards incorporated, by reference, and in compliance with National Instrument NI 43-

101 - Standards of Disclosure for Mineral Projects ("

NI 43-101

") and has been reviewed internally

by AbraSilver.

The MRE incorporates approximately 157,211 metres of drilling from 733 drill holes (both historical

and current).

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