Mr. Peter Dembicki reports

TIER ONE SILVER COMMENCES PHASE 2 DRILLING AT HIGH-GRADE CURIBAYA PROJECT IN PERU

Tier One Silver Inc. has commenced drilling at its Curibaya epithermal silver-gold-copper project in southern Peru through its wholly owned subsidiary, Magma Minerals SAC.

San Jose Drilling, a well-established Peruvian drilling contractor, has been engaged to conduct the diamond drill program, the company's first follow-up program since its successful inaugural drill campaign in 2021. The phase 2 program will focus on the Cambaya 1 corridor, an undrilled, high-level portion of the epithermal system located more than 250 metres above the areas tested in phase 1. With the access roads and drill platforms complete, drilling has commenced from platform 1 to test beneath channel samples 55 and 80, which returned 20 metres of 243 grams per tonne silver and 0.71 g/t gold, including seven m of 667 g/t Ag and 1.48 g/t Au, and 4.5 m of 408 g/t Ag and 1.48 g/t Au, including one m of 1,768 g/t Ag and 6.33 g/t Au, respectively (see news releases dated Oct. 14, 2021, and Sept. 26, 2022).

Peter Dembicki, president, chief executive officer and director of Tier One Silver, commented: "We are very excited to resume drilling at Curibaya with this phase 2 program. This campaign marks our first opportunity to drill beneath some of the highest-grade silver mineralization we have uncovered to date through surface channel sampling."

He continued: "The Cambaya area represents a compelling, undrilled part of the system, which also complements the preferred zonation of the identified epithermal system as indicated by first-phase drilling results, which improved as we moved towards Cambaya higher up in the system, where less erosion has occurred. This program has the potential to significantly advance our understanding of the scale of the system and represents a potential preserved source of the multikilogram silver samples we have collected from veins in a 20-square-kilometre area."

The phase 2 program is designed to test the vertical continuity of high-grade silver-gold mineralization identified through surface mapping and channel sampling, as well as high-resistivity geophysical targets associated with quartz-silica structures. The majority of the planned drilling will test beneath high-grade channel samples from the Cambaya 1 corridor, as noted above with respect to platform 1 and as follows:

• Platform 2 to test under channel sample 34, which returned 11 m of 232 g/t Ag and 1.61 g/t Au, including one m of 1,660 g/t Ag and 13.95 g/t Au (see news release dated Oct. 14, 2021);
• Platform 3 to test under channel sample 56, which returned eight m of 349 g/t Ag and 0.46 g/t Au, including one m of 2,680 g/t Ag and 3.14 g/t Au (see news release dated Sept. 26, 2022).

The company also plans to return to the Sambalay corridor, where phase 1 drilling was conducted, to drill underneath hole 21CUR-016 that intercepted 1.5 m of 1,129 g/t Ag and 1.04 g/t Au (see news release dated Feb. 14, 2022).

To start with, the program is planned to consist of approximately 1,150 m across seven diamond drill holes from four platforms and is expected to be completed in first quarter 2026. The drill program is being conducted under the company's existing drill permit, which is valid until October, 2026, and allows for up to 200 drill holes from 22 drill pads, with the permitted area covering additional targets in the Cambaya 1 and 2 corridors. In parallel with drilling, Tier One plans to conduct additional channel sampling across the Cambaya 1 and Cambaya 2 corridors to further define structural geometry and mineralization potential. Subject to results and financing, further drilling may be considered.

Qualified person

Christian Rios (senior vice-president of exploration), PGeo, is the qualified person who has reviewed and approved the technical contents of this press release.

About Tier One Silver Inc.

Tier One Silver is an exploration company focused on creating value for shareholders and stakeholders through the discovery of world-class silver, gold and copper deposits in South America. The company is focused on its flagship exploration project, Curibaya, but continues to investigate other potential projects of merit. The company's management and technical teams have a strong record in raising capital, discovery and monetization of exploration success.

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