Mr. Frank Basa reports

CANADA SILVER COBALT TO REPRICE WARRANTS

Canada Silver Cobalt Works Inc. is proposing to amend the terms of an aggregate 23,380,092 outstanding common share purchase warrants by amending the exercise price to six cents per share:

• Of the total, 7,377,274 warrants were issued pursuant to a private placement that closed on Dec. 1, 2022. The warrants have an exercise price of 15 cents and expire on Dec. 1, 2024. The company intends to amend the warrant exercise price from 15 per cents share to six cents per share.
• Of the total, 8,340,910 warrants were issued pursuant to a private placement that closed on Oct. 19, 2022. The warrants have an exercise price of 15 cents and expire on Oct. 19, 2024. The company intends to amend the warrant exercise price from 15 cents per share to six cents per share.
• Of the total, 2,002,503 warrants were issued pursuant to a private placement that closed on June 29, 2021. The warrants have an exercise price of 60 cents and expire on June 29, 2026. The company intends to amend the warrant exercise price from 60 cents per share to six cents per share.
• Of the total, 3,566,071 warrants were issued pursuant to a private placement that closed on Nov. 14, 2019. The warrants have an exercise price of 55 cents and expire on Nov. 14, 2024. The company intends to amend the warrant exercise price from 55 cents per share to six cents per share.
• Of the total, 2,093,334 warrants were issued in two tranches pursuant to a private placement that closed on Sept. 13, 2019. The warrants have an exercise price of 50 cents and two expiry dates, one being Sept. 13, 2024, and one being Sept. 6, 2024. The company intends to amend the warrant exercise price from 50 cents per share to six cents per share.

In accordance with the policies of the TSX Venture Exchange, the terms of the warrants, as amended, will be subject to an accelerated expiry provision, such that if, for any 10 consecutive trading days during the unexpired term of the warrants, the closing price of the company's shares on the TSX Venture Exchange exceeds 7.5 cents, representing the amended warrant exercise price of six cents plus 25 per cent, the exercise period of the warrants will be reduced to 30 days, starting seven days after the last premium trading day. The company will announce any such accelerated expiry date by news release. All other terms of the warrants remain unchanged.

The amendments described above are subject to approval by the holders of the warrants and by the TSX Venture Exchange.

About Canada Silver Cobalt Works Inc.

Canada Silver recently discovered a major high-grade silver vein system at Castle East, located 1.5 kilometres from its 100-per-cent-owned, past-producing Castle mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. The company has completed a 60,000-metre drill program aimed at expanding the size of the deposit with an update to the resource estimate under way.

In May, 2020, based on a small initial drill program, the company published the region's first National Instrument 43-101 resource estimate that contained a total of 7.56 million ounces of silver in inferred resources, comprising very-high-grade silver (8,582 grams per tonne (g/t) uncut or 250.2 ounces per ton (oz/t)) in 27,400 tonnes of material from two sections (1A and 1B) of the Castle East Robinson zone, beginning at a vertical depth of approximately 400 metres. Note that mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to Canada Silver's news release dated May 28, 2020, for the resource estimate.

The company also has: (1) 14 battery metals properties in Northern Quebec, where it has recently completed a nearly 16,000-metre drill program on the Graal property; and (2) the prospective 1,000-hectare Eby-Otto gold property close to Agnico Eagle's high-grade Macassa mine near Kirkland Lake, Ont., where it is exploring; and (3) the St. Denis-Sangster lithium project, 260 square kilometres of greenfield exploration ground with numerous pegmatites focused along a significant volcanic sedimentary rock-Archean granite contact near Cochrane, Ont., contiguous to Power Metals' Case Lake lithium properties.

Canada Silver's flagship silver-cobalt Castle mine and 78-square-kilometre Castle property feature strong exploration upside for silver, cobalt, nickel, gold and copper. With underground access at the fully owned Castle mine, an exceptional high-grade silver discovery at Castle East, a pilot plant to produce cobalt-rich gravity concentrates, a processing facility (TTL Laboratories) in the town of Cobalt and a proprietary hydrometallurgical process known as Re-2Ox (for the creation of technical-grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations), Canada Silver is strategically positioned to become a Canadian leader in the silver-cobalt space.

We seek Safe Harbor.