Silver Wolf Exploration Ltd. provided an update on recent activities. Operational Update - Silver Wolf has been planning the upcoming drill program at the El Soldado Claim at the Ana Maria Property. Activities that have been completed to date include: preparing and fine tuning the drill targets, finalizing drilling and QA/QC procedures, selecting a drill contractor to conduct the drilling work, updating and revising the drill budget to reflect the change in Mexican Peso and inflationary costs, finalizing access agreements with the local communities for drilling activities, staffing the appropriate positions to conduct the program with contractors and employees.

The geological team believes there is discovery potential for an Ag-Pb-Zn carbonate replacement deposit (CRD) at the El Soldado Claim based on extensive field mapping and observed features along with the historic artisanal mining areas discovered on the property, supported by the geochemical data from surface samples collected and reported August 9, 2022. Mineralization at the El Soldado Claim is hosted by Cretaceous Aurora limestone. It has been observed that Ag-Pb-Zn mineralization has a preferred linear orientation along a NW-SE trend.

Mineralization is found in recrystallized limestone associated with a system of mantos and breccias with thicknesses ranging from 15 to 50 cm, and the presence of fine- grained black sulfides. Mineralized breccias contain sulfide clasts of 0.5 to 1 cm size with presence of abundant calcite veins and oxides such as hematite and jarosite. These observations appear very similar to the mineralization and features described at the historic Ojuela Mine located only 9 km to the northwest, and La Platosa Mine located 15 km north of the Ana Maria Property, both known as CRD type Ag-Zn-Pb-(Au) deposits.

With the recently completed capital raise, Silver Wolf is fully funded to complete its first phase of drilling. Drilling is projected to start this quarter and take 3 to 4 months to complete.