First Andes Silver Announces Conditional Grant of Exploration Licences IN New South Wales, Australia
FIRST ANDES SILVER ANNOUNCES CONDITIONAL GRANT OF EXPLORATION LICENCES IN NEW SOUTH
WALES, AUSTRALIA
Vancouver, British Columbia – January 20, 2026 – FIRST ANDES SILVER LTD. (TSXV: FAS; OTC Markets:
MSLVF; FSE: 9TZ0) (“First Andes” or the “Company”) today provided an update on its proposed acquisition
of three (3) silver-focused exploration projects known as the Carrington Project (“Carrington”), the Stony
Creek Project (“Stony Creek”) and the Dartmoor Project (“Dartmoor”) (together, the “ Silver Projects”),
located in New South Wales, Australia.
Southern Star Pty Ltd. (the “Vendor”), the seller of the Silver Projects, has received notification from NSW
Resources of the conditional grant of the exploration licences that comprise the Carrington, Stony Creek
and Dartmoor Projects for a period of six (6) years. Final grant is subject to the payment of the applicable
security deposits, being A$10,000 per exploration licence, and the annual rental fees totaling A$9,960.
With the conditional grant of the exploration licen ces and the increase in silver prices, First Andes has
prepared a staged exploration plan designed to systematically advance the Silver Projects . Following
completion of the acquisition, the Company intends to initiate fieldwork with soil and stream -sediment
geochemistry to prioritize targets for follow-up surface work and potential future drill testing.
“We are pleased to see meaningful progress toward securing these three highly prospective exploration
licences in New South Wales,” stated Colin Smith, CEO of First Andes Silver Ltd. “With a lean, execution-
focused team, we can advance two diverse exploration programs efficiently and with tight cost control,
driving early-stage target generation in Australia while continuing to build momentum at Santas Gloria in
Peru. First Andes’ drilling has reported high -grade silver across multiple vein systems, and we are now
executing property-wide, systematic exploration designed to prioritize the next generation of drill targets,
supported by a multi -kilometre zoned alteration target defined from WorldView -3 SWIR data that helps
vector to the potential core of the broader epithermal system.”
The Company anticipates it will complete the acquisition of Silver Projects within the next week, subject
to final acceptance of the TSX Venture Exchange. Details of the transaction are set forth in the Company’s
news release dated December 9, 2025.
About the Silver Projects
Carrington (ELA 6982)
Carrington is a 160 km² exploration licence application covering an iron-rich skarn system with Au-Ag-Pb-
Sb mineralization located in the Lachlan Orogenic Belt of southeastern New South Wales. Two parallel
mineralized structures lie east and west of a sandstone ridge, with the historic Carrington mine developed
on the eastern structure and the Iron Duke prospect on the western structure. The prospects are hosted
by limestone members of the Jerrara Formation and are spatially associated with the regionally significant
Yarralaw Fault.
Historic mining at Carrington exploited laterally extensive mineralized gossans up to 6 meters wide. Rock
chip sampling of gossanous material has returned grades of up to 85 g/t Au, 6,037 g/t Ag, 24.8% Pb and
16.8% Sb (see Sentinel Resources Corp. news release dated October 13, 2020). Aeromagnetic data define
a strong magnetic corridor that trends south from the Lockyersleigh Granite through the Carrington mine
and along strike within limestone units of the Jerrara Formation, supporting the interpretation o f an
extensive iron-rich skarn system with more than 10 kilometers of prospective strike length.
Furthermore, the NSW government “minview” website states that over 0.5 Mt of iron gossan is present.
This is significant given silver -gold mineralization is commonly associated with gossans developed above
primary sulphide mineralization. The tonnage cited suggests a robust system.
Stony Creek (ELA 6983)
Stony Creek is a 247 km² licence application situated in the Lachlan Orogenic Belt, covering a highly
prospective corridor of Devonian volcanic rocks. The project hosts at least seven historic silver-gold mines
and prospects, including the Stony Creek prospect and the Krawaree underground silver mine, which are
classified as orogenic bas e-metal to low -sulphidation epithermal vein systems developed along the
westerly dipping Gundillion Fault.
The Stony Creek prospect comprises an approximately 85 -meter-wide alteration zone hosting quartz -
sulphide vein stockworks. Historic rock-chip sampling has returned assays of up to 18.4 g/t Au and 212 g/t
Ag, while historic drilling by Canyon Resources Pty Ltd in 1986 reported an intercept of 5 m grading 3.0
g/t Au.
Gundillions Reef, located approximately 1.4 km northwest of Stony Creek, is defined by a series of shafts,
drives and small open pits that have been worked to depths of around 200 meters. Underground workings
have been traced for over 2 k ilometers and rock-chip grab samples have returned assays of up to 44 g/t
Au and 150 g/t Ag, highlighting the potential for high -grade gold-silver shoots along the Gundillion Fault
corridor (see Sentinel Resources Corp. news release dated October 13, 2020).
Dartmoor (ELA 6981)
Dartmoor is a 47 km² exploration licence application located at the western margin of the Hill End and
Cooma zones in the eastern Lachlan Orogen ic Belt. The tenure includes two historic polymetallic mines,
Dartmoor and Dartmoor East, interpreted to be of VHMS-Kuroko affinity. Mineralization is expressed as
an extensive gossanous horizon that can be traced for over 1.5 km along strike.
Small-scale historic production at Dartmoor reportedly averaged approximately 980 g/t Ag and 12% Cu,
underscoring the high -grade nature of the system (see Sentinel Resources Corp. news release dated
October 13, 2020). First Andes views Dartmoor as a compelling target for the discovery of massive Au-Ag-
base-metal sulphide lenses to be explored using a combination of modern EM geophysics, geochemistry
and drilling.
Qualified Person
Colin Smith, P.Geo., a Qualified Person under National Instrument 43 -101, has reviewed and approved
the technical information contained in this news release. Mr. Smith serves as CEO and Director of First
Andes Silver Ltd, and owns securities of the Company.
Historical Information
The Company has not verified the historical sampling, drilling, or production information referenced
herein and is not relying on such information as a current statement of mineralization.
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, is situated within a wel l-known intermediate-sulphidation epithermal
belt, and hosts over 12 km of multiphase veins mapped at surface that had never been historically drilled
or explored by modern techniques prior to 2024. In only 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 2026.
For more information please contact:
Colin Smith, CEO & Director
Phone: 604 806-0626 (ext. 108)
E-mail: [email protected]
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 gu arantees 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 incl ude, 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. According ly, 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 Com pany 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.