Mr. Peter Dembicki reports

TIER ONE SILVER INCREASES AND CLOSES C$3.36 MILLION PRIVATE PLACEMENT

Tier One Silver Inc. has increased and completed its non-brokered private placement, the terms of which were announced May 20, 2022, from $3.0-million to $3.36-million through the issuance of 7,464,654 units at an offering price of 45 cents. The company intends to use the net proceeds to finance continued exploration at the company's portfolio of assets in Peru, primarily Curibaya, and for general working capital. The securities being issued pursuant to the non-brokered private placement will be subject to a hold period expiring four months and one day from the date of issuance in accordance with applicable Canadian securities law and subject to final approval of the TSX Venture Exchange upon filing standard documentation.

About Tier One Silver Inc.

Tier One is an exploration company focused on creating value for shareholders and stakeholders through the discovery of world-class silver, gold and base metal deposits in Peru. The company's management and technical teams have a strong record in raising capital, and the discovery and monetization of exploration success. The company's exploration assets in Peru include: Hurricane silver, Coastal batholith, Corisur and the flagship project, Curibaya.