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

2025-07-29

TSX - Toronto Stock Exchange · Silver · Gold · Copper · Molybdenum · Canada

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 Agfrom 148 Moz Ag.

14% increase in contained gold in M&I Mineral Resourcesto 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 remainsfrom 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) | Ag (g/t) | Au (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 | 56 | 0.63 | 114 | 84,430 | 948 | 170,592 | | | | Measured & | 73,129 | 79 | 0.66 | 139 | 185,994 | 1,553 | 327,078 | | | | Indicated | | | | | | | | | | | Inferred | 9,693 | 34 | 0.57 | 86 | 10,616 | 176 | 26,647 | | | | Heap Leach | Oxides | Measured | 6,673 | 16 | 0.14 | 25 | 3,486 | 30 | 5,342 | | Indicated | 24,102 | 12 | 0.17 | 23 | 9,163 | 133 | 17,506 | | | | Measured & | 30,774 | 13 | 0.16 | 23 | 12,649 | 162 | 22,848 | | | | Indicated | | | | | | | | | | | Inferred | 10,024 | 9 | 0.20 | 21 | 2,811 | 64 | 6,850 | | | | Total | Oxides | Measured | 33,218 | 98 | 0.59 | 152 | 105,050 | 634 | 161,829 | | Indicated | 70,686 | 41 | 0.48 | 83 | 93,593 | 1,081 | 188,098 | | | | Measured & | 103,904 | 59 | 0.51 | 105 | 198,643 | 1,715 | 349,927 | | | | Indicated | | | | | | | | | | | Inferred | 19,628 | 21 | 0.38 | 53 | 13,427 | 241 | 33,496 | | | | | Refer to footnotes in Tables 2 and 4 | | | | | | | | |

[](https://images.newsfilecorp.com/files/11792/260453_ee5dbfc86493b8be_001full.jpg)

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) | Ag (g/t) | Au (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 | 45 | 0.77 | 115 | 53,128 | 917 | 136,439 | | | | Measured & Indicated | 57,382 | 67 | 0.82 | 141 | 123,321 | 1,505 | 260,051 | | | | Inferred | 8,026 | 27 | 0.67 | 88 | 6,898 | 173 | 22,663 | | | | JAC | Oxides | Measured | 6,061 | 161 | 0.08 | 169 | 31,371 | 17 | 32,875 | | Indicated | 7,073 | 119 | 0.05 | 124 | 27,121 | 11 | 28,090 | | | | Measured & | 13,134 | 139 | 0.06 | 144 | 58,492 | 27 | 60,965 | | | | Indicated | | | | | | | | | | | Inferred | 1,036 | 77 | 0.01 | 78 | 2,558 | 0 | 2,602 | | | | Fantasma | Oxides | Measured | - | - | - | - | - | - | - | | Indicated | 1,049 | 72 | 0.01 | 73 | 2,436 | 0 | 2,455 | | | | Measured & Indicated | 1,049 | 72 | 0.01 | 73 | 2,436 | 0 | 2,455 | | | | Inferred | 475 | 64 | 0.01 | 65 | 978 | 0 | 986 | | | | Laderas | Oxides | Measured | - | - | - | - | - | - | - | | Indicated | 806 | 17 | 0.67 | 78 | 428 | 17 | 2,014 | | | | Measured & Indicated | 806 | 17 | 0.67 | 78 | 428 | 17 | 2,014 | | | | Inferred | 104 | 15 | 0.68 | 77 | 51 | 2 | 259 | | | | Sombra | Oxides | Measured | - | - | - | - | - | - | - | | Indicated | 758 | 54 | 0.12 | 65 | 1,317 | 3 | 1,594 | | | | Measured & Indicated | 758 | 54 | 0.12 | 65 | 1,317 | 3 | 1,594 | | | | Inferred | 51 | 80 | 0.04 | 84 | 131 | 0 | 137 | | | | Total (tank leach) | Oxides | Measured | 26,545 | 119 | 0.71 | 183 | 101,564 | 604 | 156,487 | | Indicated | 46,584 | 56 | 0.63 | 114 | 84,430 | 948 | 170,592 | | | | Measured & Indicated | 73,129 | 79 | 0.66 | 139 | 185,994 | 1,553 | 327,078 | | | | Inferred | 9,693 | 34 | 0.57 | 79 | 10,616 | 176 | 26,647 | | | | 1.

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.

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), 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. | | | | | | | | | |

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 tonnageand 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 by74%, 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 holesin 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) | Ag (g/t) | Au (g/t) | Contained Ag (k oz Ag) | Contained Au (k oz Au) | | Oculto | Current Resource | Measured & Indicated | 57,382 | 67 | 0.82 | 123,321 | 1,505 | | Prior Resource | Measured & Indicated | 46,824 | 74 | 0.88 | 111,401 | 1,325 | | | Variance (%) | 23% | -9% | -7% | 11% | 14% | | | | | Current Resource | Measured & Indicated | 13,134 | 139 | 0.06 | 58,492 | 27 | | JAC | Prior Resource | Measured & Indicated | 5,286 | 202 | 0.13 | 34,329 | 22 | | | Variance (%) | 148% | -31% | -54% | 70% | 23% | | | Fantasma | Current Resource | Measured & Indicated | 1,049 | 72 | - | 2,436 | - | | | Prior Resource | Measured & Indicated | 683 | 105 | - | 2,306 | - | | | Variance (%) | 54% | -31% | - | 6% | - | | | Laderas | Current Resource | Measured & Indicated | 806 | 17 | 0.67 | 428 | 17 | | | Prior Resource | Measured & Indicated | 464 | 16 | 0.91 | 239 | 14 | | | Variance (%) | 74% | 6% | -26% | 79% | 21% | | | Sombra | Current Resource | Measured & Indicated | 758 | 54 | 0.12 | 1,317 | 3 | | Prior Resource | Measured & Indicated | - | - | - | - | - | | | Variance (%) | n/a | n/a | n/a | n/a | n/a | | | | All deposits (tank leach only) | Current Resource | Measured & Indicated | 73,129 | 79 | 0.66 | 185,994 | 1,553 | | Prior Resource | Measured & Indicated | 53,257 | 87 | 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) | Ag (g/t) | Au (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 | 16 | 0.14 | 25 | 3,486 | 30 | 5,342 | | Indicated | 24,102 | 12 | 0.17 | 23 | 9,163 | 133 | 17,506 | | | | Measured & | 30,774 | 13 | 0.16 | 23 | 12,649 | 162 | 22,848 | | | | Indicated | | | | | | | | | | | Inferred | 10,024 | 9 | 0.20 | 27 | 2,811 | 64 | 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 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).

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.

10.

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

11.

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

12.

13.

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

[](https://images.newsfilecorp.com/files/11792/260453_ee5dbfc86493b8be_002full.jpg)

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.