Mr. Gregory Crowe reports

SILVER ONE REPORTS FINAL METALLURGICAL RESULTS OF COLUMN LEACH TESTS FROM ITS PAST PRODUCING CANDELARIA SILVER MINE, NEVADA AND COMMENCEMENT OF ADDITIONAL TESTING

Silver One Resources Inc. has completed column cyanide-leach metallurgical testing and has released final results from six core holes from its Candelaria project located in western Nevada, United States. The current silver recoveries on oxide and mixed (oxide-sulphide) mineralization average 66 per cent, which exceeds the historic production recoveries recorded by previous operators Nerco and Kinross, which managed open-pit, heap leach (OP-HL) operations from 1985 to 1990 and 1993 to 1999, respectively. Historic recoveries averaged 51 per cent during these periods.

Gregory Crowe, president and chief executive officer, commented: "We are very pleased with these results. The column leach tests show silver recoveries exceeding the historic silver recoveries by over 10 per cent when compared to those achieved during the past production of the open-pit mine. This improvement is largely due to the addition of high-pressure grinding rollers (HPGR) crushing prior to leaching."

The results reported belong to column cyanide-leach tests on oxide and mixed (oxide/sulphide) samples conducted by Kappes, Cassiday & Associates in Reno, Nev. Details of these test results and other tests, including tests on sulphide mineralization, were reported in the company's news releases dated June 14, 2023, and Dec. 13, 2022.

Current results suggest that Candelaria's existing mineral resources may be processed by low-cost, open-pit, heap leach methods, similar to those used in the past. However, better silver recoveries may be achieved by using HPGR technology, potentially improving the economics of the project. Tests completed to date show that an addition of HPGR to the crushing circuit may increase the historical recoveries by over 10 per cent, which could positively impact the operational results.

The company has commenced additional studies with the objective of even further improving silver and gold recoveries beyond those achieved in its recent column leach testing and HPGR crushing. A chlorine oxidation test on mixed (oxide-sulphide) material is under way at a KCA laboratory. Additionally, quantitative evaluation of minerals by scanning electron microscope, X-ray diffraction and cation exchange capacity tests is also being conducted at an FLSmidth Inc. laboratory in Midvale, Utah, on material from six core samples. These tests are intended to better determine the silver and gold mineral phases, as well as the bulk mineralogy, which will assist in the selection and optimization of the metallurgical extraction process. Results of these tests are expected by third quarter 2023.

Qualified person

The technical content of this news release has been reviewed and approved by Robert M. Cann, PGeo, a qualified person as defined by National Instrument 43-101.

About Silver One Resources Inc.

Silver One is focused on the exploration and development of quality silver projects. The company owns a 100 per-cent interest in its flagship project, the past-producing Candelaria mine, located in Nevada. Potential reprocessing of silver from the historic leach pads at Candelaria provides an opportunity for possible near-term production. Additional opportunities lie in unmined historic resources, as well as in previously identified high-grade silver intercepts downdip, which can potentially increase the substantive silver mineralization along strike from the two past-producing open pits.

The company has staked 636 lode claims and entered into a lease/purchase agreement to acquire five patented claims on its Cherokee project located in Lincoln county, Nevada, host to multiple silver-copper-gold vein systems, traced to date for over 11 kilometres along strike.

Silver One holds an option to acquire a 100-per-cent interest in the Silver Phoenix project. The Silver Phoenix project is a very high-grade native silver prospect, recently permitted for drilling, that lies within the Arizona silver belt, immediately adjacent to the prolific copper-producing area of Globe, Ariz.

We seek Safe Harbor.