Sotkamo Silver reports drill results from drilling programs carried out in Q4/2021-Q3/2022 at the Silver Mine in Sotkamo. In the drilling programs underground drilling was concentrated in the production areas for the coming years and surface drilling to the known lower part of the mineralization and areas open beside it, reaching a depth of about 700 meters. The results of underground drilling support the previous positive view of higher concentrations in the next planned production area between production levels 360 - 420.

Additionally, now reported results of the drilling program confirm that concentrations and mineralization widths continue below level 420. Surface drilling was particularly targeted at levels in depth of 500-700 meters, and their results support the mineral resource and ore reserve update published in June 2022. In addition, surface drilling achieved a separate promising intersection outside the existing known mineralization.

The results of surface drilling support the previous understanding of the continuation of the mineralization deeper and will guide drilling programs in these areas in the coming years. Future drilling is supporting detailing the mine's ore reserves and enable their cost-effective production planning and execution. Details of the drilling program and the most significant results: The drilling program for Q4/2021 consisted of surface drilling covering a total of 3,801 meters.

The drilling in 2022 consisted of both surface and underground drilling. In 2022, a total of 3,999 meters of surface and 3,328 meters of underground drillholes have been drilled. A total of 7,327 meters have been drilled in 2022.Surface drill holes were targeted at the known lower part of the mineralization and open areas beside it, reaching a depth of about 700 meters.

The underground holes were drilled from levels 340 to 420 and their deepest intersections reached between 470 and 550 m. The results of underground drilling support the previous positive view of the ore grades in the next planned production area on mining levels 360 - 420. The ore silver grades are expected to rise during 2023 to the level of previous operating years 2020-2021. In practice, this means an average silver content of about 90-110 g/t in the mined ore.

The details of underground drilling and the most significant results are shown in the cross-section of the mine. Surface drilling was particularly targeted at levels of 500-700 meters and it's results support the mineral resource and ore reserve update published in the June 2022. The results provide a good starting point for further drilling of the P700 project and exploration of deeper areas of the mine.

The intersections of the P-01 borehole at a depth of about 700-750 m and about 200 m west of the current orebody in production are very interesting. The intersections are located clearly on the side of the now known mineralization and the ore lenses that are being mined. Close to the surface (at a level of about 100 m) there is an old exploration hole drilled by Kajaani Oy with similar assay results of intersections.

The dip and the direction correspond to the dip and direction of the ore lenses currently mined. These two drilling results and the existing mining infrastructure provide good starting points for research drilling in this potential area.