Five years of surveys point to one heavy, conductive body beside the historic Walton Mine. ST-2026-01A is the first hole designed to test it.

Vancouver, British Columbia--(Newsfile Corp. - October 27, 2026) - TruSilver Metals Corp. (TSXV: TAG) ("TruSilver" or the "Company") is pleased to announce that a diamond drill rig is mobilizing today to its 100%-owned Sturgis-Walton Silver Project (the "Project") in Hants County, Nova Scotia, on the same day the Company's shares begin trading on the TSX Venture Exchange. Hole ST-2026-01A, the first hole of the 2026/27 drill program, will test the Sturgis Target, a large, dense and electrically conductive body approximately 1 km south of the historic Walton Mine, a past barite producer and silver-rich lead-zinc-copper mine that is not owned by TruSilver. The Company's working hypothesis, which this drill program is designed to test, is that the Sturgis Target may represent a deeper part of the mineralizing system that formed the Walton Mine.

Highlights

• The rig is moving: Logan Drilling Limited's rig is mobilizing to the Project today to drill hole ST-2026-01A, the first hole of TruSilver's 2026/27 drill program at the Sturgis Target.
• The target: The Sturgis Target is a gravity anomaly greater than 1 mGal and more than 800 metres long, overlain by conductive zones from audio-magnetotelluric ("AMT") surveying, on the same magnetic trend as the Walton Mine.
• Silver in the Macumber Formation (2023): TruSilver's 2023 hole, ST-23-001, returned 48.8 g/t silver and 0.19% copper over 19.0 metres (drilled length; true width unknown) in the Macumber Formation, the rock unit that hosted mineralization at the adjacent Walton Mine.

"Five years ago, Sturgis was a line on a magnetic map," said Michael Gross, President and Chief Executive Officer of TruSilver. "Since then we've intersected silver in the Macumber Formation, mapped something heavy and conductive at depth, and gone deeper into the old holes than anyone before us. Every step pointed to the same spot. Today we start trading, and the rig is on its way. Now we find out what's down there."

The First Hole: ST-2026-01A

One hole, aimed at the heart of the Sturgis Target. ST-2026-01A is the first hole designed specifically to test the target as defined by the Company's gravity and AMT surveys. It is collared west of the target and angled east to cut both of the Company's interpreted target zones, where the dense gravity anomaly, the AMT conductive zone and the modelled contact of the Macumber Formation come together at depth (Figure 1). The hole is planned to a length of approximately 700 metres, reaching a vertical depth of approximately 650 metres below surface. Its location was also informed by preliminary data from 2026 downhole electromagnetic ("EM") surveys in holes S70-1Ext and S68-5Ext and a 2026 ground AMT survey. Interpretation of these data is ongoing, and the AMT model shown in Figure 1 is preliminary and may change.

Figure 1: East-west cross-section through the Sturgis Target, looking north, showing the preliminary 2026 two-dimensional AMT conductivity model (red = higher conductivity), the high-gravity boundary (dashed; interpreted by the Company as the contact of barite ± siderite alteration), the interpreted Macumber Formation contact (dots), historic drill holes, the 2026 extension holes as drilled and planned hole ST-2026-01A. The AMT model is preliminary, and the planned hole location, angle and depth may change. Gravity cannot distinguish barite or barren iron sulphides from base-metal sulphides, and geophysical anomalies are not by themselves evidence of mineralization. The target zones are the Company's interpretation; ST-2026-01A is the first hole designed specifically to test them, and no tonnage or grade is implied.

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Why Sturgis Is the First Target

Gravity finds heavy rock, but it can't tell barite from sulphide. AMT helps: barite blocks an electrical current; sulphide carries one. So TruSilver looks for places where both signals line up on the same structure as the Walton Mine, where drilling in 1955 found silver-rich massive sulphides beneath the barite open pit.¹ Sturgis is where they line up. Whether that means metal-bearing sulphides is a question only the drill can answer.

Previous Drilling

In 2023, hole ST-23-001 (557 m) intersected altered, sulphide-bearing Macumber Formation in two intervals interpreted as limbs of the same fold: 48.8 g/t Ag and 0.19% Cu over 19.0 m (533-552 m), including 114 g/t Ag over 2.0 m, and 12.15 g/t Ag over 10.5 m (361.5-372 m). Intervals are drilled lengths; true widths are not known. As part of data verification for the Technical Report, its independent author took a quarter-core check sample of a 0.6-metre sample from 362.4-363.0 m in the upper interval that originally assayed 149 g/t Ag; the check sample, analyzed by ALS Canada Ltd., returned 202 g/t Ag. The author attributes the difference to the uneven, coarse-grained distribution of sulphides in the interval and did not consider it a concern with the original analyses. The 2023 program did not include formal field QA/QC; hole location, orientation and laboratory details are set out in Sections 10 to 12 of the Technical Report.

What's Next

Expected news flow over the coming months includes:

• Drilling start: an announcement once ST-2026-01A is underway.
• Geophysics: final interpretation of the 2026 downhole EM and ground AMT surveys.

Sampling and Reporting

Core from ST-2026-01A will be logged and sampled at TruSilver's core facility in Dartmouth, Nova Scotia, and submitted to an independent, accredited laboratory, with certified reference materials, blanks and duplicates inserted for quality control. Laboratory turnaround is currently four weeks or more. TruSilver intends to release assay results by news release as they are received and reviewed.

About TruSilver Metals Corp.

TruSilver Metals Corp. owns 100% of the Sturgis-Walton Silver Project in Nova Scotia, free of a net smelter return royalty (NSR), adjacent to the historic Walton Mine, where historical sources report mined ore head grades of 350-933 g/t silver (Ag).¹ Overlapping magnetic, gravity and audio-magnetotelluric anomalies define a priority exploration target that, together with historic drilling, downhole geophysics and 3D modelling, is guiding the Company's planned 2026/27 diamond drilling program to test for mineralization at depth. The initial drilling target has been defined and a drilling permit is in place. In late 2025, Rio Tinto Exploration Canada Inc. staked all open mineral claims in the Minas sub-basin, comprising 2,363 claims under 30 exploration licences, thereby surrounding the Sturgis-Walton Silver Project. Rio Tinto is not affiliated with TruSilver, and its activities are not indicative of mineralization on TruSilver's property.

TruSilver's team combines decades of exploration, mine-development and capital-markets experience, with individuals who hold or have held lead technical and board roles at IAMGOLD, Noranda-Falconbridge, Glencore, Sherritt International and Sibanye-Stillwater, as well as co-founding Tiger Gold. Team members contributed to the aggregated discovery or acquisition of over 31 million ounces of gold and led completion and initial ramp-up of a US$7 billion nickel project. The team brings strong knowledge of the Sturgis-Walton region, Nova Scotia's geology and regulatory environment, and deep expertise in applying modern exploration technologies, including artificial intelligence.

For more information, visit www.TruSilverMetals.com.

¹ Historical information, as summarized in the Technical Report (as defined below). Source: Nova Scotia Department of Natural Resources Mineral Inventory files (O'Reilly, 2007; Boyd and Cole, 1979). The silver grades are a range of historical head grades reported for ore mined at the Walton Mine, not a single verified average production grade. Neither the Technical Report's author nor TruSilver's Qualified Person has independently verified these historical production figures, and they should not be relied upon. The Walton Mine is not owned by TruSilver, and mineralization on adjacent properties is not necessarily indicative of mineralization on TruSilver's property. No mineral resource or reserve has been estimated on the Sturgis-Walton Silver Project.

Qualified Person

Matt Rees, M.Sc., P.Geo., a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), has reviewed and approved the scientific and technical information in this news release. Mr. Rees is a director of the Company and is not independent.

The independent NI 43-101 technical report titled "Technical Report on the Sturgis-Walton Silver Project, Hants County, Nova Scotia, Canada," effective October 7, 2026, prepared by David Murray, P.Geo., of Resourceful Geoscience Solutions (the "Technical Report"), and the Company's filing statement dated October 15, 2026 (the "Filing Statement") are available under the Company's profile on SEDAR+ at www.sedarplus.ca.

ON BEHALF OF THE BOARD

Michael Gross
President, Chief Executive Officer and Director
TruSilver Metals Corp.

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 release.

Forward-Looking Information

This news release contains forward-looking information within the meaning of applicable securities laws, including statements about the mobilization of the drill rig and the timing of the start of drilling; the scope, timing, objectives and funding of the Company's drill program; the planned design and depth of hole ST-2026-01A and subsequent holes; planned downhole and ground geophysical surveys; the Company's geological interpretations and 3D model; the interpretation and reporting of preliminary downhole EM and AMT data; and the timing and release of assay results; and the anticipated milestones described under "What's Next". Forward-looking information reflects management's current expectations and assumptions, including that drilling contractors, personnel, permits and laboratory services will be available as planned. Actual results may differ materially because of, among other things, exploration results, geological uncertainty, drilling, contractor, weather or permitting delays, laboratory turnaround, metal prices, market conditions, the availability of financing, and the other risks described in the Filing Statement. Readers should not place undue reliance on forward-looking information, which is provided as of the date of this news release. The Company undertakes no obligation to update it except as required by applicable law.

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