AURCANA SILVER CORPORATION provided the results of the first assays after accessing the Virginius Vein on the 1800 level as well an update on progress towards first production. The initial samples of the Virginius Vein intersection on the 1800 level assayed 38.611 ounces per ton (opt) (1,323.8 g/t) of silver equivalent over a vein width of 2.5 feet, including 85.782 opt (2,941.1 g/t) of silver equivalent1 over 0.6 feet. These results compare favorably with the reserve grade in this location of 24.7 opt (846.8 g/t) silver equivalent over 1.4 feet as reported in the 2018 feasibility study prepared in accordance with National Instrument NI 43-101 – Standards of Disclosure for Mineral Projects. The Revenue-Virginius project remains on track to reach full production (270 stpd) by September 2021. Development ore to be delivered to the process plant in July 2021 for commissioning and restart. Ore throughput will be ramped up to 110 short tons per day (stpd) during August, and then to full production of 270 stpd during September. Concentrate shipments are anticipated to begin in early August. Trafigura Trading LLC is the off-taker for 100% of the concentrates and will pay 95% of the contained metals value based on the mine site concentrate assays at the time of shipment, with final settlement based on smelter returns. Payable silver equivalent production for the period between August and December 2021 is forecast to be 1,300,000-1,600,000 ounces at an estimated cash operating costs of between USD 10.00 to USD 12.00/oz silver after by-product credits. Silver equivalent is based on the second quarter 2021 average London prices of Ag USD 26.6387/oz, Au USD 1,805.04/oz, Pb USD 0.9568/lb and Zn USD 1.3206/lb; includes payability and payment timing of the Trafigura offtake contract. By-product credit metal pricing is the same as Silver equivalent pricing.