News Releases

High-Grade Oxide Gold Zone Extends Beyond Current Mineral Resource Limits

Toronto – October 21, 2026: AbraSilver Resource Corp. (TSX: ABRA; OTCQX: ABBRF) ("AbraSilver" or the "Company") is pleased to report assay results from four diamond drill holes completed at the Oculto East target as part of the ongoing Phase VI exploration program at its wholly-owned Diablillos project in Argentina (the "Project").

The standout hole, DDH-26-061, intersected a broad envelope of oxide-hosted gold mineralization containing a high-grade core approximately 50 metres below the current Oculto open pit design. On a grade-thickness basis, it is the best gold intercept drilled to date at the Oculto deposit, surpassing DDH-25-024 (see news release dated May 20, 2025). The high-grade gold zone extends beyond the limits of the current Mineral Resource model and indicates potential for additional gold mineralization beneath the eastern part of the Oculto deposit.

Highlight Drill Results: Widths are reported as drilled; true widths are not yet known.

• 228.0 metres ("m") grading 1.79 g/t gold and 12 g/t silver from 101.0 m downhole, including:
  • 66.0 m at 4.04 g/t gold and 19 g/t silver from 263m downhole, including:
  • 11.0 m at 15.97 g/t gold and 48 g/t silver from 276m downhole
• All reported intervals are oxide-hosted. The higher-grade gold zone lies approximately 50 m below the current open pit design and outside the current Mineral Resource.
• Three diamond drill rigs are now active, with the Phase VI exploration program expected to be completed by year-end – with an updated Mineral Resource estimate expected in Q2/2027.

John Miniotis, President and CEO, commented, "DDH-26-061 is the best gold intercept drilled to date at Oculto and shows that oxide gold mineralization continues below the current open pit and beyond the current Mineral Resource. Together with earlier high-grade results from DDH-25-024 and DDH-25-077, it reinforces Oculto East as a priority target. With three rigs now turning, we expect to complete the Phase VI program by year-end. In parallel, all activities remain on schedule for a Final Investment Decision in Q2 2027, and we look forward to releasing the Heap Leach PEA in the coming weeks."

Table 1 – Summary of Drill Intercepts at Oculto East

Intercepts greater than 25 gram-metres gold shown in bold text:

Drill Hole	Area	From (m)	To (m)	Type	Interval (m)	Au g/t	Ag g/t
DDH-26-051	Oculto East	84.5	135.0	Oxides	50.5	0.25	4.9
		189.0	199.0	Oxides	10.0	0.60	3.4
		242.0	264.0	Oxides	22.0	-	64.8
		273.0	287.0	Oxides	14.0	-	36.6
DDH-26-052	Oculto East	57.0	72.0	Oxides	15.0	0.17	-
		210.0	251.0	Oxides	41.0	0.22	-
DDH-26-058	Oculto East	350.0	357.0	Oxides	7.0	0.48	10.0
		364.5	375.0	Oxides	10.5	0.28	2.5
DDH-26-061	Oculto East	101.0	329.0	Oxides	228.0	1.79	12.1
	Including	263.0	329.0	Oxides	66.0	4.04	19.1
	Including	276.0	287.0	Oxides	11.0	15.97	47.6

Note: All results in this news release are rounded. Assays are uncut & undiluted. Widths are drilled widths. True widths are unknown The 66.0 m interval is included within the 228.0 m interval, and the 11.0 m interval is included within both.

Figure 1 – Plan View of Drill Results

Figure 2 – Section Through Hole DDH-26-061 Looking East

Oculto East – DDH-26-061

Oculto East forms part of the high-sulphidation epithermal system at Diablillos. Previous drilling identified structurally controlled gold mineralization hosted in several zones, including in the same breccia unit that dominates the main Oculto deposit.

DDH-26-061 intersected 228.0 m grading 1.79 g/t gold from 101.0 m to 329.0 m downhole. This includes a higher-grade zone of 66.0 m grading 4.04 g/t gold from 263.0 m, which contains 11.0 m grading 15.97 g/t gold from 276.0 m. All reported intervals are oxide-hosted.

The high-grade zone lies approximately 50 m below the current open pit design and extends beyond the current Mineral Resource limits. It identifies oxide-hosted gold mineralization beneath the eastern part of Oculto,and gives additional evidence for continuity of high-grade gold zones within a broad envelope of mineralization, with potential for lateral and deeper extensions. Additional drilling and three-dimensional geological modelling will continue to define the geometry and continuity of the gold and silver zones at Oculto East.

Earlier drilling supports the potential for high-grade zones within the extensive gold mineralized envelope at Oculto East. DDH-25-024 returned 31.0 m grading 9.96 g/t gold from 324.0 m, including 6.0 m at 41.89 g/t gold (see news release dated May 20, 2025). DDH-25-077 intersected 8.5 m grading 13.81 g/t gold from 337.0 m (see news release dated October 28, 2025). Further drilling is needed to better define the continuity between these intercepts and DDH-26-061.

Phase VI Exploration Update

On the exploration side, a total of approximately 13,500 m have been completed in 51 diamond drill holes under the Phase VI exploration program since it commenced in January 2026. Separately, an additional 2,000 m have been drilled in 13 condemnation holes to support infrastructure siting. A third drill rig was recently mobilized, and three rigs are now active on the Project with the objective of completing the Phase VI program by year-end.

Drilling continues to test extensions of the known mineralization at Oculto West, Oculto East and along the JAC–Oculto trend, in parallel with first-pass and follow-up drilling on new targets including Cerro Viejo and the adjacent Condoryacu property. Follow-up drilling around DDH-26-061 is planned to test the lateral and down-dip extent of the high-grade oxide gold zone. The program also includes additional condemnation drilling in areas planned for project infrastructure.

A major vertical resistivity feature coincides with the steeply dipping alteration zone associated with epithermal mineralisation at Oculto and a detailed CSAMT survey is in progress over the entire Oculto mineralised system to assist with other techniques in selection of future drill targets.

Additional assay results from the ongoing Phase VI drill program are pending and will be released as they become available.

Heap Leach PEA Update

The Company expects to announce the results of its Heap Leach Preliminary Economic Assessment (the “Heap Leach PEA”) in the coming weeks. The PEA evaluates a Phase 2 heap leach expansion to process low-grade material included in the current Mineral Resource estimate, which is currently classified as waste material in the Definitive Feasibility Study tank leach based mine plan. Heap leaching of this low-grade material is intended to recover additional gold and silver, with the potential to reduce unit production costs and further improve project economics. 

Phase 1 Development Timeline

Engineering, procurement and early works activities are ramping up according to plan, and key additions to the Owner’s and Corporate teams have been made. A Final Investment Decision ("FID") on Phase 1 of Diablillos remains on schedule for Q2 2027, with first production targeted before year-end 2029.

Collar Data

Hole Number	UTM Coordinates		Elevation	Azimuth	Dip	Depth (m)	Area
DDH-26-051	721046	7199455	4,473	125	-60	461.0	Oculto East
DDH-26-052	720907	7199242	4,435	0	-60	251.0	Oculto East
DDH-26-058	721057	7199271	4,480	0	-65	377.0	Oculto East
DDH-26-061	720767	7199680	4,328	180	-60	341.0	Oculto East

About Diablillos

The Diablillos property is located within the Puna region of Argentina, in the southern part of Salta Province along the border with Catamarca Province, approximately 160 km southwest of the city of Salta and 375 km northwest of the city of Catamarca. AbraSilver acquired the property in 2016, which comprises 15 contiguous and overlapping mineral concessions with excellent year-round road access.

Exploration to date has outlined multiple occurrences of silver-gold oxide mineralization at Oculto, JAC, Laderas, and Fantasma, located within a 500 m to 1.5 km distance surrounding the Oculto/JAC epicentre. To date, over 170,000 metres have been drilled on the property, which continues to demonstrate the strong growth potential of shallow, oxide-hosted silver and gold resources. In addition, a large porphyry complex is centered approximately 4 km northeast of Oculto which includes outcropping porphyry intrusions within a major zone of alteration and associated gold rich epithermal mineralization.

Comparatively nearby examples of high sulphidation epithermal deposits include: La Coipa (Chile); Yanacocha (Peru); El Indio (Chile); Lagunas Nortes/Alto Chicama (Peru); Veladero (Argentina); and Filo del Sol (Argentina). The most recent tank and heap leach Mineral Resource estimate for Diablillos is shown in Table 2. Following completion of the DFS in June 2026, the Project also hosts Proven and Probable Mineral Reserves of 77.9 Mt grading 146 g/t silver equivalent (“AgEq”), containing 184 Moz of silver and 1.8 Moz of gold (366 Moz AgEq). For additional details, please refer to the "NI 43-101 Mineral Resource Estimate, Diablillos Silver-Gold Project" dated June 19, 2026, available on SEDAR+ and the Company's website.

Table 2 - Diablillos Mineral Resource Estimate – As of April 30, 2026

	Zone	Category	Tonnes (000 t)	Ag (g/t)	Au (g/t)	AgEq (g/t)	Contained Ag (000 Oz)	Contained Au (000 Oz)	Contained AgEq (000 Oz)
Tank Leach	Oxides	Measured	41,042	100	0.68	159	131,668	896	209,281
		Indicated	60,978	41	0.58	92	81,060	1,143	180,078
		Measured & Indicated	102,021	65	0.62	119	212,728	2,039	389,359
		Inferred
			14,400	25	0.57	74	11,468	262	34,187
Heap Leach	Oxides	Measured	25,469	13	0.09	19	10,997	76	15,425
		Indicated	104,491	7	0.13	15	24,328	428	49,342
		Measured & Indicated	129,960	8	0.12	16	35,325	503	64,767
		Inferred	34,947	6	0.14	14	6,939	158
									16,153
Total	Oxides	Measured	66,512	67	0.45	105	142,665	971	224,706
		Indicated	165,469	20	0.30	43	105,388	1,570	229,420
		Measured & Indicated	231,981	33	0.34	61	248,053	2,542	454,127
		Inferred	49,347	12	0.26	32	18,406	420	50,340

Footnotes for Tank Leach Resource:

1. Mineral Resources are not Mineral Reserves and have not demonstrated economic viability.
2. 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).
3. 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.
4. The Mineral Resource is reported inside a conceptual Whittle open pit shell derived using US$ 34.50/oz Ag price, US $3,200/oz Au price, 86.6% process recovery for Au, and 80.9% process recovery for Ag, for the tank leaching and 74.3% process recovery for Au, and 46.8% process recovery for Ag, for the secondary heap leaching.
5. Open pit optimization was constrained using a dual-process approach, with tank leaching as the primary process (total opex of US$32.30/t) and heap leaching as the secondary process (total opex of US$7.00/t).
6. The MRE has been categorized in accordance with the CIM Definition Standards (CIM, 2014).
7. A Net Value per block [NVB] calculation was used to constrain the Mineral Resource, determine the "Benefits = Income-Cost", where, Income = [(Au Selling Price (US$/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]
8. The Mineral Resource is sub-horizontal with sub-vertical feeders and has a reasonable prospect for eventual economic extraction by open pit methods.
9. In-situ bulk densities were assigned to each model domain, according to samples averages for each lithology domain, separated by alteration zones and subset by oxidation.
10. All tonnages reported are dry metric tonnes and ounces of contained gold are troy ounces.
11. Mining recovery and dilution factors have not been applied to the Mineral Resource estimates.
12. The Mineral Resource was estimated by Luis Rodrigo Peralta, B.Sc., FAusIMM CP (Geo), an INSA Consultora Managing Principal Geologist, and an Independent Qualified Person under NI 43-101.
13. 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.
14. All figures are rounded to reflect the relative accuracy of the estimates. Minor discrepancies may occur due to rounding to appropriate significant figures.

Footnotes for Heap Leach Resource:

1. Mineral Resources are not Mineral Reserves and have not demonstrated economic viability.
2. 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).
3. 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.
4. The Mineral Resource is reported inside a conceptual Whittle open pit shell derived using US$ 34.50/oz Ag price, US $3,200/oz Au price, 86.6% process recovery for Au, and 80.9% process recovery for Ag, for the primary process tank leaching and 74.3% process recovery for Au, and 46.8% process recovery for Ag, for the secondary process heap leaching.
5. Open pit optimization was constrained using a dual-process approach, with tank leaching as the primary process (total opex of US$32.30/t) and heap leaching as the secondary process (total opex of US$7.00/t).
6. The MRE has been categorized in accordance with the CIM Definition Standards (CIM, 2014).
7. A Net Value per block [NVB] calculation was used to constrain the Mineral Resource, determine the "Benefits = Income-Cost", where, Income = [(Au Selling Price (US$/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].
8. The Mineral Resource is sub-horizontal with sub-vertical feeders and a reasonable prospect for eventual economic extraction by open pit methods.
9. In-situ bulk density was assigned to each model domain, according to samples averages for each lithology domain, separated by alteration zones and subset by oxidation.
10. All tonnages reported are dry metric tonnes and ounces of contained gold are troy ounces.
11. Mining recovery and dilution factors have not been applied to the Mineral Resource estimates.
12. The Mineral Resource was estimated by Luis Rodrigo Peralta, B.Sc., FAusIMM CP (Geo), an INSA Consultora Managing Principal Geologist, and an Independent Qualified Person under NI 43-101.
13. 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.
14. All figures are rounded to reflect the relative accuracy of the estimates. Minor discrepancies may occur due to rounding to appropriate significant figures.

QA/QC and Core Sampling Protocols

AbraSilver applies industry standard exploration methodologies and techniques, and all drill core samples are collected under the supervision of the Company’s geologists in accordance with industry best practices. Drill core is transported from the drill platform to the logging facility where drill data is compared and verified with the core in the trays. Thereafter, it is logged, photographed, and split by diamond saw prior to being sampled. Samples are then bagged, and quality control materials are inserted at regular intervals at site; these include blanks and certified reference materials as well as duplicate core samples which are collected in order to assess sampling precision and reproducibility. Groups of samples are then placed in large bags which are sealed with numbered tags in order to maintain a chain-of-custody during the transport of the samples from the project site to the laboratory.

All samples are received by the ASA (Alex Stewart Argentina) preparation laboratory in Salta, where they are prepared, then the pulp sachet is directly dispatched to its facility in Mendoza, Argentina, where they are analyzed. All samples are analyzed using a multi-element technique consisting of a four-acid digestion followed by ICP/AES detection, and gold is analyzed by 50g Fire Assay with an AAS finish. Silver results greater than 100g/t are re-analyzed using four acid digestion with an ore grade AAS finish. ASA is independent of the Company.

Qualified Person

David O'Connor P.Geo., Chief Geologist for AbraSilver, is the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects and he has reviewed and approved the scientific and technical information in this news release.

About AbraSilver

AbraSilver is a leading silver-gold development company focused on advancing its 100%-owned Diablillos Project in the mining-friendly provinces of Salta and Catamarca, Argentina. The recently completed Definitive Feasibility Study highlights Diablillos as a robust, high-margin, long-life precious metals project with a strong production profile and substantial exploration upside. In addition, the Company has entered into an earn-in option and joint venture agreement with Teck on the La Coipita project, located in the San Juan province of Argentina. AbraSilver is listed on the TSX under the symbol “ABRA” and in the U.S. on the OTCQX under the symbol “ABBRF.”

For further information please visit the AbraSilver Resource website at www.abrasilver.com, our LinkedIn page at AbraSilver Resource Corp., and follow us on X at www.x.com/abrasilver

Alternatively, please contact:

John Miniotis, President and CEO
[email protected]
Tel: +1 416-306-8334

Cautionary Statements

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation, including statements regarding the potential extension of mineralization at Oculto East, planned follow-up drilling, the completion of the Phase VI program by year-end, the expected timing and scope of the updated Mineral Resource Estimate and the Heap Leach PEA, the potential for a Phase 2 heap leach expansion, the timing of a Final Investment Decision on Phase 1, and the timing of first production. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. When considering this forward-looking information, readers should keep in mind the risk factors and other cautionary statements in the Company's disclosure documents filed with the applicable Canadian securities regulatory authorities on SEDAR+ at www.sedarplus.ca. The risk factors and other factors noted in the disclosure documents could cause actual events or results to differ materially from those described in any forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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