AbraSilver Announces Effective Date of Share Consolidation

(via TheNewswire)

Toronto –TheNewswire -May 17, 2024 - AbraSilver Resource Corp. (TSXV:ABRA);(OTCQX:ABBRF) ("AbraSilver" or the “Company”)is pleased to announce that it will implement the consolidation (the "Consolidation") of its common shares in the capital of the Company (the “Shares”) on the basis of five (5) pre-Consolidation Shares for every one (1) post-Consolidation Share.  The Consolidation will take effect at market open on May 22, 2024.

The Consolidation reduces the number of outstanding Common Shares from 624,703,913 to approximately 124,940,785. Shareholders’ proportional ownership in the Company remains unchanged following the Consolidation.

All fractional shares less than one-half (1/2) will be cancelled and all fractional shares equal to or greater than one-half (1/2) will be rounded up to one whole Share. The exercise price and number of Shares of the Company issuable upon the exercise of outstanding stock options, restricted share units and warrants will be proportionately adjusted to reflect the Consolidation in accordance with the terms of the securities. The Company’s new CUSIP number will be 00379L304 and the new ISIN number will be CA00379L3048.  The Company’s name and trading symbol will remain unchanged.

Registered shareholders who hold physical Share certificates will receive a letter of transmittal requesting that they forward pre-Consolidation Share certificates to the Company’s transfer agent, TSX Trust Company in exchange for new Share certificates representing Shares on a post-Consolidation basis. Shareholders who hold their Shares through a broker or other intermediary and do not have Shares registered in their own name will not be required to complete a letter of transmittal.

About AbraSilver

AbraSilver is an advanced-stage exploration company focused on rapidly advancing its 100%-owned Diablillos silver-gold project in the mining-friendly Salta province of Argentina.  The current Proven and Probable Mineral Reserve estimate for Diablillos consists of 42.3 Mt grading 91 g/t Ag and 0.81 g/t Au, containing approximately 124 Moz silver and 1.1 Moz gold, with significant further exploration upside potential. In addition, the Company has entered into an earn-in option and joint venture agreement with Teck on the La Coipita project, whereby Teck can fund up to US$20 million in exploration expenditures and make certain other payments to earn up to an 80% interest. AbraSilver is listed on the TSX-V under the symbol “ABRA” and in the U.S. on the OTCQX under the symbol “ABBRF.”

For further information please visit the AbraSilver Resource website atwww.abrasilver.com, our LinkedIn page atAbraSilver Resource Corp., and follow us on Twitter atwww.twitter.com/abrasilver

Alternatively please contact:

John Miniotis, President and CEO

info@abrasilver.com

Tel: +1 416-306-8334

Cautionary Statements

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information.  There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. When considering this forward-looking information, readers should keep in mind the risk factors and other cautionary statements in the Company’s disclosure documents filed with the applicable Canadian securities regulatory authorities on SEDAR+ at www.sedarplus.ca.  The risk factors and other factors noted in the disclosure documents could cause actual events or results to differ materially from those described in any forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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