Mr. John Smyth reports

NORSEMAN SILVER INC. ANNOUNCES FILING OF EARLY WARNING REPORTS

On Jan. 14, 2021, Norseman Silver Inc. completed a non-brokered private placement financing, pursuant to which John Campbell Smyth acquired beneficial ownership or control over 50,000 common shares and 50,000 warrants to purchase shares.

Prior to the acquisition, Mr. Smyth beneficially owned or exercised control or direction over 2,598,500 shares and 500,000 options to purchase shares, representing approximately 8.75 per cent and 10.27 per cent of the issued and outstanding shares on an undiluted and diluted basis, respectively. Following the acquisition, Mr. Smyth beneficially owned or exercised control or direction over 2,648,500 shares, 500,000 options and 50,000 warrants, representing approximately 7.22 per cent and 8.59 per cent of the issued and outstanding shares on an undiluted and diluted basis, respectively.

Copies of the early warning reports for Mr. Smyth will be filed on the company's profile on SEDAR and may be obtained by contacting the company at the following address: Sean Hurd, chief executive officer, 25th floor, 700 West Georgia St., Vancouver, B.C., V7Y 1B3, or by telephone at 604-505-4554.