First Andes Silver Ltd. — Capital/Financing Update 2026

Jan 24, 2026

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FORM 51-102F3

MATERIAL CHANGE REPORT

Item 1. Name and Address of Company

FIRST ANDES SILVER LTD.

1100 – 1199 West Hastings Street Vancouver, BC V6E 3T5

(the "Company")

Item 2. Date of Material Change

January 21, 2026.

Item 3. News Release

The news release was issued on January 21, 2026 and disseminated through Newsfile Corp.

Item 4. Summary of Material Change

The Company announced a private placement financing of up to 16,666,667 common shares at a price of \$0.12 per Common Share for aggregate gross proceeds of up to \$2,000,000.

Item 5. Full Description of Material Change

The Company announced a private placement financing of up to 16,666,667 common shares (each, a "Common Share") at a price of \$0.12 per Common Share for aggregate gross proceeds of up to \$2,000,000 (the "Offering") pursuant to an in accordance with the listed issuer financing exemption under Section 5A.2 of National Instrument 45-106 – Prospectus Exemptions, as amended by Coordinate Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the "LIFE Exemption").

The Company may pay finders a fee in cash and share purchase warrants as permitted under the rules of the TSX Venture Exchange. Each finder's warrant will be exercisable at a price of \$0.12 per share for a period of two years from the date of issue.

There will be an offering document related to the offering that can be accessed under the company's profile at SEDAR+ and on the Company's website. Prospective investors should read the offering document before making an investment decision.

The net proceeds of the offering will be used on: (i) an augmented Q2 2026 drilling program at the Santas Gloria Property; (ii) exploration work the Santas Gloria Property; (iii) annual mineral claim payments in Peru; and (vi) general working capital purposes.

Closing is subject to the acceptance of the TSX Venture Exchange.

Item 6. Reliance on Subsection 7.1(2) of National Instrument 51-102

Not applicable.

Item 7. Omitted Information

None.

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Item 8. Executive Officer

Colin Smith, CEO Phone: (604) 806-0626

Item 9. Date of Report

January 23, 2026.

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SCHEDULE "A"

NEWS RELEASE

(See attached)