Highlander Silver Extends Exploration Periods of the Alta Victoria and Politunche Option Agreements

Highlights

• Alta Victoria: Option term extended by up to 5 ½ years and monthly payments of USD$10,000 per month suspended for up to 18 months.

• Politunche: Option term extended by 6 months, and monthly payments of USD$5,000 per month suspended for 6 months.

David Fincham, President & CEO commented "We are very pleased to have agreed with our partners at the Alta Victoria and Politunche projects to extend the terms of both option agreements and suspend monthly cash payments for 18 and 6 months respectively. I would like to thank the owners of both the Alta Victoria and Politunche concessions for granting the extensions and their continuing strong support for the projects.

The results from our 2022 drilling campaign at Alta Victoria (see news release of December 28, 2022) returned several significant intercepts of silver and base metals plus manganese sulphide that closely resemble the upper portions of the high grade Uchucchacua silver mine, located 90 kms along strike to the northwest of the project. Based on these encouraging results, our updated exploration model predicts that as at Uchucchacua a potential ore body could be hosted some 100 m to 300 m below the current depth of drilling. The next phase of drilling will therefore require deeper drill holes that will target the projection of mineralisation encountered to date within the prospective Santa Formation limestones, host rocks for the Santander and Iscaycruz mines, 20 kms and 80 kms northwest along strike respectively.

Given the highly prospective nature of the project and the deeper drilling required, we believe that it is in the best interests of our shareholders to find a partner to fund the next stage of exploration, whilst retaining exposure to the discovery potential at Alta Victoria. The option to extend the agreement term by 5 ½ years and suspension of monthly cash payments gives us the time to find a suitable partner for the project.

At our Politunche project 15 kms southwest of Alta Victoria the December 2022 mapping and rock sampling program defined a significant zone of dome intrusion and mineralisation which has yet to be drill tested - the Central Dome Target, and validated the potential for high grade vein hosted mineralisation at the North Vein target. 62 additional rock chip samples were collected with 53 samples returning anomalous to bonanza grades ranging from 29.9 g/t AgEq up to 1522.6 g/t AgEq, with 33 samples grading over 500 g/t AgEq*. The 6 month option term extension at Politunche gives us time to plan work at Politunche and at our recently acquired advanced exploration stage La Estrella silver - gold project (see news release of March 23, 2023), plus continue to seek acquisition opportunities that create value for our shareholders. We look forward to providing regular updates on our project portfolio over the coming months."

*Note that AgEq calculations in this press release are based on the following parameters: $1700/oz Au, $20/oz Ag, $3.00/lb Cu, $0.90/lb Pb, $1.20/lb Zn (all prices in US$).

Headline changes to Option Agreements

Alta Victoria

• Option agreement term extended by up to five (5) years and six (6) months to September 2028.

• Monthly cash payments of USD$10,000 suspended for up to eighteen (18) months from March 2023 to September 2024.

• Total acquisition cost for 100% ownership of the project increased from USD$4 million to USD$5 million such cost to include the cumulative monthly payments plus final option payment.

• Highlander Silver may terminate the agreement, in its sole discretion, at any time.

Politunche

• Option agreement term extended for six (6) months from February 2026 to July 2026.

• Monthly cash payments of USD$5,000 suspended for six (6) months from March 2023 to September 2023.

• Monthly cash payments of USD$5,000 to begin September 2023 and end June 2024.

• Monthly cash payments of USD$10,000 to begin July 2024 and end June 2026.

• Final option payment of USD$1,735,000 due on July 17th 2026 the Company elects to acquire 100% of the project.

• Total acquisition cost increased for 100% ownership of the project increased from USD$2 million to USD$2.1 million.

• Highlander Silver may terminate the agreement, in its sole discretion, at any time.

Qualified Person

All scientific and technical information contained in this news release was prepared and approved by Walter La Torre, (Qualified Person), MAusIMM (CP). Mr. La Torre has verified the scientific and technical information disclosed in this news release by reviewing the sampling, analytical and drilling data from the Property.

About Highlander Silver

Highlander Silver Corp. is a mineral exploration company focused on the exploration of silver-polymetallic projects in central Peru, as well as targeting the acquisition of additional mineral projects by leveraging the team's significant experience in Peru and South America more widely. Additional information about Highlander Silver and its mineral projects can be viewed on the Company's SEDAR (www.sedar.com) profile at www.sedar.com and its website at www.highlandersilver.com

Neither the Canadian Securities Exchange (CSE) nor the Investment Industry Regulatory Organization of Canada (IIROC) accepts responsibility for the adequacy or accuracy of this news release.

For further information, please contact:

David Fincham

Chief Executive Officer

Highlander Silver Corp.

(604) 283 7630
info@highlandersilver.com

Forward-Looking Information

Certain information contained in this news release constitutes "forward-looking information" under Canadian securities legislation. This includes, but is not limited to, information or statements with respect to the future exploration plans of the Company, permitting, timing of future exploration and potential partners on the Company's projects. Such forward looking information or statements can be identified by the use of words such as "anticipates", "plans", "suggests", "targets" or "prospects" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "will" be taken, occur, or be achieved. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties, the actual results of current exploration activities,changes in project parameters as plans continue to be refined, , accident, labour disputes and other risks of the mining industry, and delays in obtaining governmental approvals or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this news release. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. Accordingly, the reader is cautioned not to place undue reliance on forward-looking information.