August 16, 2021 – Vancouver, BC – Outcrop Silver & Gold Corporation (TSXV:OCG, OTCQX:OCGSF, DE:MRG1) (“Outcrop”) is pleased to announce the appointment of Lisa Peterson to the position of Chief Financial Officer succeeding current CFO Alex Tong. Outcrop’s board of directors would like to thank Mr. Tong for his contributions in the role.

Ms. Peterson brings over 13 years’ experience within the mining, renewable energy, infrastructure, and professional services industries. Most recently, she served as Vice-President of Corporate Reporting & Global Accounting at SkyPower Global, a large-scale, international, renewable energy developer, and provider. Prior to joining SkyPower Global, Ms. Peterson spent 3 years at Barrick Gold Corporation as Chief of Staff Capital Projects and Chief of Staff of the Frontera District in Argentina within their technical services, project development, and life of mine planning group. In these roles, she helped advance large-scale projects, liaised with stakeholders and joint venture partners, and performed value assurance reviews on the companies’ operating and expansion assets. Prior to joining Barrick, Ms. Peterson spent 5 years working at KGHM leading their international Corporate Reporting group.

Ms. Peterson started her career in finance and accounting at KPMG. She is a Chartered Accountant and holds a Bachelor of Business Administration degree from Simon Fraser University.

“I am pleased to announce another great addition to the Outcrop leadership team with the appointment of Ms. Peterson,” comments Joseph Hebert, Chief Executive Officer. “Lisa’s expertise and diverse experience will be an enormous asset to Outcrop. Coupled with the appointment of Dr. Jesus Velador as Vice President Exploration last week, we are building a world class management team to steadily advance our Santa Ana project and support the continued growth of our company.”

In connection with the appointment Outcrop has granted Ms. Peterson 500,000 incentive stock options exercisable at a price of $0.24 expiring on August 5, 2026.

About Outcrop

Outcrop is fully financed and rapidly advancing exploration on five silver and gold exploration projects with world-class discovery potential in Colombia. Outcrop is currently drilling the Santa Ana historic high-grade silver district. These assets are being advanced by a highly disciplined and seasoned professional team with decades of experience in Colombia.

ON BEHALF OF THE BOARD OF DIRECTORS

Joseph P Hebert, Chief Executive Officer                                               Mars Investor Relations
+1 775 340 0450                                                                                                 +1 647 557 6651
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www.outcropsilverandgold.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “potential”, “we believe”, or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Outcrop to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including: the receipt of all necessary regulatory approvals, capital expenditures and other costs, financing and additional capital requirements, completion of due diligence, general economic, market and business conditions, new legislation, uncertainties resulting from potential delays or changes in plans, political uncertainties, and the state of the securities markets generally. Although management of Outcrop have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. 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 and forward-looking information. Outcrop will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.