New Risk • Apr 29
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$2.6m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$2.6m free cash flow). Shareholders have been substantially diluted in the past year (45% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (17% average weekly change). Market cap is less than US$100m (CA$15.9m market cap, or US$11.6m). Announcement • Apr 18
Zacatecas Silver Corp. Completes Surface Sampling and Mapping Program at Oso Negro Project Zacatecas Silver Corp. completed its initial rock-chip sampling program at the Oso Negro project, located in Sonora, Mexico. The program was completed in March 2026 over the course of five days and samples have been dispatched to ALS for analysis with an expected turn-around of four to six weeks. One hundred and fifty-six rock-chip grab samples were taken from 3 out-cropping low sulphidation veins with cumulative strike length of over 2 km. Veins are up to 3 m wide, multiphase with common veins breccias and pervasive iron oxides after sulphides. Quartz and vein textures are typical of the uppermost levels of a low sulphidation system, indicating that if present, the boiling and thus precious metal mineralization will be preserved below. All rock chip samples were cut prior to submission to ALS and a reference sample retained. Cut slabs show that veins are highly brecciated veins, with abundant limonite and hematite after sulphides, and dark grey goethite a secondary precipitate in fractures. The presence of these iron oxides is consistent with oxidation of sulphides. Silicified fragments of wall-rock and vein are locally pervasively altered to limonite. Quartz is typically chalcedonic to finely saccharoidal consistent, with local bladed pseudomorphs, indicative of deposition above the boiling zone. Quartz may be locally dark grey and sulphidic. Secondary silver minerals were noted in some samples. The rock chip sampling has demonstrated a robust low sulphidation vein system, characterized by over two strike kilometers of multiphase, brecciated, iron-oxide stained and infilled, upper level veins. Oso Negro represents a high-priority, undrilled exploration target within a historic mining district known for high-grade precious metal mineralization. Historical channel sampling completed by previous operators returned significant grades, including 5.15 g/t Au and 953 g/t Ag over 1.2 metres, and 2.55 g/t Au and 346 g/t Ag over 1.8 metres, highlighting the strength and consistency of mineralization along strike. Announcement • Apr 01
Zacatecas Silver Corp Announces Drilling Commencement And Completion Of First Hole At El Cristo Zacatecas Silver Corp. announced the commencement of its 2026 diamond drilling program at the El Cristo Project, located within the Zacatecas Mining District, Mexico. The first hole was collared by Major Drilling Mexico on the 27th of March and completed on the 30th of March. The first diamond drill hole was drilled to a downhole depth of 117 m at an inclination of -60° to target the near-surface downdip extension of an intermediate sulphidation vein. A brecciated and mineralized structure was intercepted between 89 and 108 m downhole. A 3 m run of PQ core from 90 m downhole depth displaying typical mineralization. Note pervasively silicified, fractured andesite and basalt, with abundant pyrite, galena, and sphalerite, along with multiphase quartz veining and brecciation. Mineralization is associated with multiphase and brecciated quartz veins and is hosted in a highly fractured and strongly silicified andesitic and basaltic volcanoclastic sequence. Very fine dark-grey sulphide is pervasive, and clotted sphalerite and galena, with traces of chalcopyrite, are developed throughout this zone. Vein textures and mineralogy are consistent with the uppermost parts of silver-base metal mineralized intermediate sulphidation epithermal veins within the district. Analysis of rock chip samples from the dumps around artisanal shafts at El Cristo shows a strong association between high-grade silver assays and galena and sphalerite. The company is currently sampling this hole and expects to deliver samples to ALS in Zacatecas by Thursday of this week. The technical information in this news release has been reviewed and approved by Chris Wilson, B.Sc. (Hons), PhD, FAusIMM (CP), FSEG, FGS, Chief Geologist of Zacatecas Silver. Dr. Wilson is a Qualified Person as defined by NI 43-101 and is not independent due being Chief Geologist and a Director. 
