Hercules Silver Corp. continues to wait on assays for the next deep drill hole (HER-23-08), and in the interim, reported silver-lead-zinc results from the next two shallow drill holes in sequence, HER-23-06 and HER-23-07, which were drilled above the recently-announced porphyry copper discovery at its Hercules Silver Property located in western Idaho ("Hercules" or the "Property"). These results continue to showcase strong silver mineralization, bolstered by critical metals credits in the near surface, which overlie the blind porphyry copper system at depth.

Accounting for the lower-grade silver (3-30 g/t Ag) that surrounds the headline intercepts, drill hole HER- 23-06 returned 96.3 g/t Ag, 0.26 % Zn and 3.9% Mn, occurring as carbonate, over the entire 58.83 m length of the hole, and HER-23-07 returned 80.8 g/t Ag,0.30% Zn, and 1.9% Mn over the entire 105.46 m length of the hole. The Company's ongoing 6,000-meter drill program was initially designed to confirm and expand upon near-surface silver mineralization, in addition to testing a blind IP-chargeability anomaly below the limit of historical drilling. The latter has resulted in the discovery of a major blind copper porphyry system in the first ever deep drill hole on the Property, HER-23-05, which intersected 185 m grading 0.84% Cu, 111 ppm Mo and 2.6 g/t Ag.

The Company is also pleased to announce it has received preliminary 3D point cloud data from Dias Geophysical on its ongoing 4km by 4km super IP survey, designed to cover a >3,000-acre target area, to more than twice the depth of the 2022 survey. Only the raw data has been received to date, which has not yet undergone 3D inversion modelling, but early signs show encouragement for expanding the 2022 anomaly. The field work is almost complete, following which the Company anticipates approximately six weeks for processing of the large 3D dataset, meaning final 3D in versions will likely be available for release around Christmas of this year.

HER-23-06 and Her-23-07 were drilled topographically above the recently-reported porphyry copper intercept in HER-23-05, demonstrating significant silver-lead-zinc-manganese carbonate mineralization in the near-surface environment. Low-grade silver (3- 30 g/t Ag) surrounds the headline intercepts, demonstrating the potential for a large bulk tonnage target above the recent porphyry copper discovery. 1.5m-long composite channel samples returned grades of up to 500 g/t Ag from bedrock exposed by drill pad construction.

The parties entered into the Amended Agreement to provide for a floor price for common shares of the Company (the " Common Shares") that are being issued as lease payments and as purchase price for the Mineral Property under the Amended Agreement (each, a " Consideration Share"). Pursuant to the Amended Agreement, the Consideration Shares are now being issued at a deemed price per Consideration Share equal to the 10-day VWAP of the Common Shares on the TSX Venture Exchange on the day preceding the anniversary of the effective date of this Agreement, subject to a minimum deemed price of CAD 0.23 per Consideration Share. Furthermore, as a result of the Amended Agreement, if the Lessee elects not to exercise the option to purchase the Mineral Property and elects to continue to lease the Mineral Property, all annual lease payments shall be made in cash.

The Amended Agreement remains subject to approval by the TSXV.