First Andes Silver Clarifies

FIRST ANDES SILVER CLARIFIES NEWS RELEASE

Vancouver, British Columbia, July 2, 2025 – FIRST ANDES SILVER LTD. (TSXV: FAS; OTC Markets: MSLVF;

FSE: 9TZ0) (the “Company” or “First Andes”) today announced, at the request of the Canadian Investment

Regulatory Organization (“CIRO”), clarification to its news release dated July 2, 2025 (the “Original News

Release”) announcing field logging and interpretation results from the first diamond drill hole completed

to target depth, SG017, as part of its ongoing 2,000 -meter (“m”) drill program at the Company’s 100%-

owned Santas Gloria Project (“Santas Gloria” or the “Project”), located approximately 55 kilometres east

of Lima, Peru. This news release restates the disclosure contained in the Original News Release but

removes any visual percentage estimates from core logging of mineralization contained therein.

Key Point Summary

• Drill hole SG017 at the San Jorge V ein (“San Jorge”) intercepted a broad zone of sulphide -

mineralized hydrothermal breccia from 136.60 to 194.20 m (57.60 m drilled width), characterized

by strong silicification, argillic alteration and local sericitic alteration.

• Sulphide mineralization is present throughout the interval, with pyrite accompanied by local

galena, sphalerite, barite and tetrahedrite.

• Sulphidic mineralization intensifies from 162.00 m, with occurrences of galena and sphalerite,

along with barite and tetrahedrite crystals associated with quartz veins.

• The m ost intense brecciation occurs from 147.00 to 179.80 m, where the breccia features a

strongly argillic altered matrix, silicified clasts, and mineralized veins with pyrite, galena, and

sphalerite.

• A semi-massive interval of galena mineralization up to approximately 15 centimeters (“cm”) in

width was intercepted at 179.90 m which included pyrite and barite, as well as locally euhedral

sphalerite crystals.

• Field observations and logging from SG017 confirm the presence of a robust, polymetallic -

mineralized intermediate sulphidation hydrothermal system at depth, which remains open in all

directions.

• The program’s first hole, SG016, did not reach target depth after intercepting a void at 77.00 m,

with alteration and mineralization commenc ing at 74.70 m, suggesting the onset of the

epithermal zone – four samples totalling 2.60 m were submitted for assay. The void was likely the

result of small scale artisanal miners stoping a near-surface mineralized vein.

• A total of 50 HQ-diameter core samples (half-core) totalling 43.00 m were collected and submitted

from drill hole SG017 to Alfred H. Knight Group (“AHK Group”) laboratory in Lima, Peru for assay,

with initial results expected in 3 to 4 weeks.

“The intersection of a broad, sulphide -rich hydrothermal breccia in SG017 marks a significant

breakthrough in the geological model at Santas Gloria,” stated Colin Smith, CEO and Director of First

Andes Silver. “The intensity of hydrothermal alteration, the presence of semi -massive galena and

sphalerite, and the occurrence of pervasive polymetallic sulphide mineralization all suggest that vectoring

into the core of a well -preserved, fertile sulphide system. With a vertical intercept depth of 125 and 170

meters, this drill test represents the deepest recorded intersection of epithermal mineralization in the

Project’s history. These results further underscore the scale and continuity of the San Jorge system, and we

look forward to receiving assay results to evaluate the grade profile of this promising, open- ended

mineralized zone.”

Drill Hole SG017

Drill hole SG017, completed at the San Jorge Vein target within the Santas Gloria Project, intersected a

substantial zone of sulphide-bearing hydrothermal breccia between 136.60 and 194.20 m downhole. This

mineralized interval is characterized by intense hydrothermal alteration, including pervasive silicification

and argillic overprinting, with localized zones of sericitic alteration, indicative of a high-temperature fluid

regime and fully-intact intermediate sulphidation epithermal system.

Sulphide mineralization is present throughout the breccia, with pyrite as the dominant phase.

Accompanying the pyrite are variable but notable occurrences of galena, sphalerite, barite, and

tetrahedrite. From approximately 162.00 metres, the intensity of sulphidic mineral increases, with galena

and sphalerite alongside barite and tetrahedrite crystals commonly observed within quartz veinlets.

The most texturally intense brecciation spans a core interval from 147.00 to 179.80 m , marked by a

strongly argillic matrix, angular clasts exhibiting silica replacement, and a network of mineralized veinlets

hosting pyrite, galena, and sphalerite. At 179.90 m, the hole intercepted a semi -massive interval with

galena up to 15 centimetres wide, featuring pyrite and barite, along with locally euhedral crystals of

sphalerite – a visually impressive and geologically significant zone.

Geological logging and field interpretation confirm that SG017 has intersected a robust, multiphase

polymetallic hydrothermal system at depth which remains open in all directions, highlighting a strong

potential for further expansion in subsequent drilling.

Figure 1: Plan map of ongoing 2025 drill program at San Jorge.

Figure 2: Cross section of SG017.

Table 1: SG017 zone description and core photographs (136.60 to 194.20 m).

Depth (m) Core Photo Description

Box # 51

From 136.60

To 139.20

-137.40 m: sericitic alteration in

the rock, with pyrite (“Py”)

Box # 52

From 139.10

To 141.60

-139.70 m: Py identified with an

increase silicification

-149.70 m: oxidization and

silicification increases

Box # 53

From 141.60

To 144..30

-142.90 m: increase of Py

mineralization

Box # 54

From 144.30

To 147.00

-146.20 m: oxidization increases

again, Py mineralization remains

Box # 55

From 147.00

To 149.70

-147.60 m: brecciation with

argillic and silicic alteration

-148.70 m: brecciation ends with

Py mineralization

Box # 56

From 149.70

To 152.45

-150.35 m: fractures with sericite

and sphalerite (“Sph”)

Box # 57

From 152.45

To 155.20

-153.60 m: oxidized breccia, 50°

core axis with argilized matrix

and silicified clasts (Py in the

clasts)

-154.70 m: vein filed with

sulphides, Py and quartz (“Qtz”)

Box # 58

From 155.20

To 158.00

The matrix is argilized and the

clasts silicified. Py in the clasts.

Box # 59

From 158.00

To 160.80

The matrix is argilized and the

clasts silicified. Py in the clasts.

Box # 60

From 160.80

To 163.40

-162.15 m: The breccia ends,

dacite light gray, silicificated, still

with Py

-162.50 m: Py continues to be

present

-163.25 m: oxidized zone,

medium argillic alteration

Box # 61

From 163.40

To 166.30

-163.68 m: silicified rock and

gray color again, Py continues to

be present

-166.00 m: breccia texture with

Qtz veins

Box # 62

From 166.30

To 169.10

-167.10 m: Py, galena (“Gal”),

Sph

-168.05 m: Py, Sph with argillic

alteration

Box # 63

From 169.10

To 171.75

Breccia starts with Qtz vein. Py,

Sph with argillic alteration

Box # 64

From 171.75

To 174.45

-173.80 m: Gal disseminated in

the Qtz vein, barite and

tetrahedrite crystals present

Box # 65

From 174.45

To 176.95

-175.10 m: argillic alteration with

Py, Gal and Sph

-176.86 m: vein filled with

sulphides, Py, Gal, Sph

Box # 66

From 176.95

To 179.50

-178.50 m: Py in the matrix, Sph

-179.20 m: Qtz vein forming

cavities with Py, Gal and barite

Box # 67

From 179.50

To 182.20

-179.90 m: vein with Gal, Sph

crystal, Py and barite. 2-3 cm of

thickness and 15 cm of length

-180.20 m: The breccia ends at

30° core axes.

Start footwall rock with Py

Box # 72

From 192.60

To 194.20

-193.60 m: Qtz vein with

sulphides and Py and gal traces,

entering footwall sequence

Some core intervals were strongly oxidized and represents a supergene effect, whereby surficial

groundwaters percolate down structures, resulting in oxidation of sulphides. Intermediate sulphidation

epithermal deposits are mined throughout central Peru, and have demonstrated vertical extents in excess

of 600 metres. Deeper drilling at Santas Glorias should encounter sulphide only mineralization.

Quality Assurance / Quality Control (“QA/QC”)

The Company follows industry -recognized standards of Best Practice and QA/QC. HQ -diameter core

samples are sawed into equal halves, and selected ½ core samples are submitted to AHK Group in in Lima,

Peru, a market-l eading provider of inspection and analysis services which maintains rigorous quality

standards through compliance with industry standards and regulations, including ISO/IEC 17025 and ISO

9001. C ore samples are sealed in plastic bags using single use tie-locks, thereby ensuring chain of custody,

for fire assay and ICP analysis. To date, all batches have passed QA/QC within acceptable tolerance limits.

All diamond holes were drilled in PQ-NQ diameter. Core recovery across all veins exceeded 90%.

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 100 km east of Lima, Peru. Santas Gloria has

excellent established road access, and is situated within a well-known intermediate sulphidation

epithermal belt, and hosts over 12 km of multiphase veins mapped at surface which had never been

historically drilled or explored by modern techniques before 2024. First Andes’ maiden diamond drill

program last year reported high -grade silver grades on all drilled vein systems confirming silver

endowment and warranting high priority follow-up drilling in 2025.

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 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.