Mr. Peter Dembicki reports

TIER ONE SILVER CLOSES C$2.82 MILLION FINAL TRANCHE OF PRIVATE PLACEMENT

Tier One Silver Inc. has completed a second and final tranche of its non-brokered private placement for $2.82-million, the terms of which were announced May 20, 2022. The company has now raised a total of $6.18-million through the issuance of 13,736,026 units at an offering price of 45 cents per unit. The company intends to use the proceeds, net of $109,795 of finder's fees, 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 final tranche of the non-brokered private placement will be subject to a four-month hold period from the date of distribution. The private placement is subject to customary final approval by the TSX Venture Exchange as of the date hereof.

A message from Peter Dembicki, president, chief executive officer and director:

"Tier One Silver is financed to commence the second phase of exploration at the Curibaya project, where we will be following up on bonanza-grade silver intercepts as well as targeting potential copper porphyry mineralization. We can also work toward bringing Hurricane Silver to a drill-ready stage and follow up on the exceptional grade seen in historical results. Thank you to all who participated in the financing and who continue to support the company in its pursuit of large-scale discoveries in Peru."

Insiders of the company acquired an aggregate of 323,000 units in the private placement, which participation constituted a related party transaction as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the securities acquired by the insiders was less than 25 per cent of the company's market capitalization.

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 base metal deposits in Peru. The company's management and technical teams have a strong record in raising capital, discovery and monetization of exploration success. The company's exploration assets in Peru include: Hurricane Silver, Coastal Batholith, Corisur and the flagship project, Curibaya.