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Impact Silver Upsizes Financing to $8.2 Million Non-Brokered Private Placement

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Vancouver, British Columbia--(Newsfile Corp. - May 13, 2024) - IMPACT Silver Corp. (TSXV: IPT) (OTC Pink: ISVLF) (FSE: IKL) ("IMPACT" or the "Company") is pleased to announce it is amending and increasing its previously announced non-brokered private placement from $6,200,000 to gross proceeds of up to C$8,200,000 (the "Offering") due to increased investor interest.

The revised financing has been increased to $5,000,000 from the sale of 18,518,518 units (the "Standard PP Units") at a price of C$0.27 per Standard PP Unit, up from the original proposed $3,000,000 and 11,111,111 Standard PP Units. Each Standard PP Unit is comprised of one common share and one full share purchase warrant (each a "Warrant") with each Warrant entitling the holder thereof to acquire one common share of the Company (a "Warrant Share") at a price of $0.34 per Warrant Share for a period of 24 months from its date of issue.

The LIFE financing units remain unchanged at $0.28 per LIFE unit, each comprised of one common share and one-half of one Warrant for gross proceeds up to $3,200,000 (the "LIFE Offering"). All other terms from the Company's press release announcing the LIFE Offering and Standard PP Unit Offering on April 30, 2024 remain the same.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 - Prospectus Exemptions, the LIFE Offering is being made pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the "Listed Issuer Financing Exemption"). The securities offered under the Listed Issuer Financing Exemption will not be subject to a hold period in accordance with applicable Canadian securities laws. There is an offering document (the "Offering Document") related to the LIFE Offering that can be accessed under the Company's profile at www.sedarplus.ca and on the Company's website at impactsilver.com. Prospective investors should read this Offering Document before making an investment decision.

The Offering is scheduled to close on or about the week of May 20th, 2024 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange (the "Exchange"). The Company may pay finder's fees or commissions on a portion of the Offering, subject to compliance with the policies of the Exchange and applicable securities legislation. All common shares and Warrants issued as part of the Standard PP Units will bear a hold period of four months and one day from the date of issuance.