Kootenay Silver Inc.

Columba is a past producing high-grade silver mine, which operated from 1900 until 1910, when work ceased in the region due to the Mexican Revolution. The Property covers a large, high-grade silver epithermal system comprised of numerous veins, which the Company has mapped over strike lengths from 200 meters to up to 4 kilometers. Channel sampling on these veins in 2019 returned widths of up to 6 meters and carried grades of up to 692 gpt silver. The Property was not systematically explored in modern times until Kootenay acquried an option on the property in 2018. As of 2023, Kootenay holds 100% ownership of the concessions after making staged payments over a 4-year period totaling US$3,290,000. The vendors retain a 2% NSR of which 1% can be purchased by the Company for US$750,000.

The La Cigarra silver project is located in the state of Chihuahua in the renowned Parral Mining district in north central Mexico. The project lies in close proximity and on trend to several of the district’s top silver producers, including; the close by San Francisco Del Oro and the Santa Barbara mines, that together have produced over 800 million ounces of silver to date. The project is close to power and has good road access, topography and infrastructure. To date, reconnaissance, sampling and drilling confirm numerous silver occurrences traced over a 9.0 kilometer trend of mineralization. This includes the recent discovery of a substantial new mineralized zone that management believes displays distinct geological characteristics of other major deposits in the region. La Cigarra is a rapidly maturing silver project that already contains a large potential whittle pit constrained mineral resource. La Cigarra’s current NI 43-101 Mineral Resource Estimate comprises 51.57 million ounces

The La Negra silver discovery is situated only 7 kilometres north of the Promontorio Silver Resource within the Promontorio Mineral Belt, in the state of Sonora, Mexico. The Promontorio Mineral Belt was previously under option to Pan American Silver Corp., between 2016 to June 2019, during which time Pan American Silver invested US$3.6 million in expenditures on advancing the project. To date, Kootenay and Pan American Silver have completed two successful drill programs totaling 95 drill holes over approximately 17,000 meters on the La Negra silver discovery with most drill holes returning significant and consistent intervals of high grade, widespread silver mineralization extending from surface to depth of 300 metres. Drilling has also confirmed the presence of a second breccia zone further to the south, which currently remains open at depth.

The Promontorio Silver Resource is situated on Promontorio Mineral Belt Property that includes the La Negra silver discovery; located in the state of Sonora, Mexico. The Promontorio Silver Resource currently hosts a resource estimate of 42.115 million tonnes containing 140.79 million ounces of silver equivalent in the Measured & Indicated categories grading 104 g/t silver equivalent and 14.57 million tonnes containing 39.78 million ounces of silver equivalent in the Inferred category grading 84.9 g/t silver equivalent (see Table 1). Pan American Silver optioned the Promontorio Mineral Belt from 2016 to June 2019, and invested US$3.6 million in expenditures on advancing the project.