Mr. Galen McNamara reports

SUMMA SILVER CORP. ANNOUNCES $6,000,000 BROKERED PRIVATE PLACEMENT FINANCING OF UNITS

Summa Silver Corp. has arranged a brokered private placement offering of units of the company at a price of 90 cents per unit for gross proceeds of up to $6-million. The offering is being conducted by Research Capital Corp. and Eventus Capital Corp., as co-lead agents and joint bookrunners.

Each unit will comprise one common share of the company and one-half common share purchase warrant. Each whole warrant shall be exercisable to acquire one common share at a price of $1.20 for a period of 36 months from the closing of the offering.

The company has granted to the agents an option, exercisable up to 48 hours prior to the closing date of the offering, to sell up to an additional 15 per cent of the offered units at a price of 90 cents per unit.

Galen McNamara, chief executive officer of the company, stated: "We are grateful for the strong support from current shareholders and delighted to welcome new investors to the company. We look forward to continuing to drill zones of known high-grade silver and gold while advancing two of the best U.S. [United States] silver projects towards mineral resources this year."

The net proceeds from the offering are expected to be used for exploration, corporate development and general working capital purposes. The closing of the offering is expected to occur on or about Feb. 10, 2022, and is subject to certain customary conditions, including, but not limited to, the receipt of all necessary regulatory approvals and the acceptance of the TSX Venture Exchange.

The closing of the offering is subject to regulatory approval, and all securities to be issued pursuant to the offering will be subject to a four-month hold period under applicable Canadian securities laws. The company has agreed to pay to the agents a cash commission equal to 6 per cent of the gross proceeds of the offering. In addition, the company has agreed to issue to the agents compensation warrants of the company exercisable for a period of 36 months to acquire in aggregate that number of common shares of the company which is equal to 6 per cent of the number of offered shares sold under the offering at an exercise price of 90 cents.

The securities to be issued under the offering will be offered by way of private placement in each province of Canada and in such other jurisdictions as may be determined by the company, in each case pursuant to applicable exemptions from the prospectus requirements under applicable securities laws.

About Summa Silver Corp.

Summa Silver is a Canadian junior mineral exploration company. The company has options to earn 100-per-cent interests in the Hughes property, located in central Nevada, and the Mogollon property, located in southwestern New Mexico. The Hughes property is host to the high-grade, past-producing Belmont mine, one of the most-prolific silver producers in the United States between 1903 and 1929. The mine has remained inactive since commercial production ceased in 1929 due to heavily depressed metal prices, and little to no modern exploration work was completed prior to the company acquiring an interest in the property.

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