Tier One Silver Upsizes and Closes $2.6 Million Equity Financing

Tier One Silver Inc. (TSXV: TSLV) (“Tier One” or the “Company”)  – https://www.commodity-tv.com/ondemand/companies/profil/tier-one-silver-inc/ – is pleased to announce that it has completed its non-brokered private placement, the terms of which were announced April 3, 2023 (the “Offering”). In the second and final tranche of the Offering the Company issued 4,942,000 units (each, a “Unit”) at a price of C$0.25 per Unit for gross proceeds of C$1,235,500 bringing the total gross proceeds from the Offering to C$2,641,000.

In connection with the second tranche of the Offering, the Company paid aggregate cash finders’ fees of C$25,380 (C$69,210 in total for the Offering) and issued 101,520 non-transferable finders’ warrants (276,840 finders’ warrants in total for the Offering), with each finders’ warrant exercisable for one common share of the Company at the exercise price of C$0.35 until April 21, 2025. The finders’ fees and finders’ warrants were paid to Research Capital Corporation, Haywood Securities Inc., Canaccord Genuity Corp., Raymond James Ltd., Echelon Wealth Partners Inc., German Mining Networks GmbH; StephenAvenue Securities Inc. and Red Cloud Securities Inc., all of which are arm’s length to the Company and who referred participating investors to the Offering. The Company intends to use the net proceeds from the Offering to resume exploration and prepare for drilling at the Curibaya project and for general working capital purposes.

A Message from Peter Dembicki, President, CEO & Director:

“We would like to thank all of our supporters who participated in the private placement. This additional capital allows us to enter the next phase of work at Curibaya as we lead up to drilling.”

The securities being issued are subject to a hold period in Canada expiring four months and one day from the date of issuance in accordance with applicable Canadian securities law. Final approval of the TSX Venture Exchange is expected upon filing standard documentation.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

ON BEHALF OF THE BOARD OF DIRECTORS OF TIER ONE SILVER INC.

Peter Dembicki

President, CEO and Director

For further information on Tier One Silver Inc., please contact Natasha Frakes, VP of Communications, at (778) 729-0600 or info@tieronesilver.com.

About Tier One

Tier One Silver is an exploration company focused on creating value for shareholders and stakeholders through the discovery of world-class silver, gold and base metal deposits in Peru. The Company’s management and technical teams have a strong track record in raising capital, discovery and monetization of exploration success. The Company’s exploration assets in Peru include: Hurricane Silver, Coastal Batholith, Corisur and the flagship project, Curibaya. For more information, visit www.tieronesilver.com.

Forward Looking Information and General Cautionary Language

This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, “forward-looking statements”) that relate to the Company’s current expectations and views of future events in connection with the outlined financing. Forward-looking statements are not historical facts and therefore may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be heavily relied upon. These statements speak only as of the date of this news release. In particular and without limitation, this news release contains forward-looking statements in regard to the Company’s exploration plans and the use of proceeds of the Offering.  Readers should refer to the risks discussed in the Company’s Annual Information Form and Management’s Discussion & Analysis for the year ended December 31, 2022, and subsequent continuous disclosure filings with the Canadian Securities Administrators available at www.sedar.com.

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.