Mr. Peter Dembicki reports

TIER ONE SILVER CHANNEL SAMPLES 408.2 G/T SILVER AND 1.48 G/T GOLD OVER 4.5 METRES AT THE CAMBAYA TARGET AREA AT CURIBAYA

Tier One Silver Inc. has released channel sampling results from the Curibaya project in southern Peru. The channel sampling program was conducted primarily within the Cambaya structural corridors, within the northeast area of the project, which is highest in elevation, focused on defining prospective structures for silver mineralization. Highlights from this program include 4.5 metres of 408.2 g/t (grams per tonne) silver and 1.48 g/t gold, including one m of 1,768 g/t Ag and 6.33 g/t Au, in 22CRT-080, eight m of 349.1 g/t Ag and 0.46 g/t Au, including one m of 2,680 g/t Ag and 3.14 g/t Au, in 21CRT-56 and 2.5 m of 136.4 g/t Ag and 0.82 g/t Au, including 0.5 m of 568 g/t Ag and 3.37 g/t Au, in 22CRT-101. Importantly, arsenic values were generally highly elevated across the Cambaya target area, indicating to the technical team that the target is at the top of the epithermal system, with the precious metals window being preserved at shallow depths. Highlights from the channel sampling program are outlined in the "Highlights from channel sampling program" table.

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

"The robust silver grades and concentration of arsenic in the channel samples at Cambaya reinforce our thesis that the precious metals system at Curibaya is preserved at higher elevations where less erosion has taken place. This gives us further confidence in our epithermal targets while we also work to define copper porphyry targets through our ongoing CSAMT geophysical program."

Cambaya target area discussion:

Within the Cambaya target area, arsenic values are generally highly elevated in comparison with the rest of the project area. The presence of elevated arsenic, in conjunction with elevations approximately 200 m higher than the areas drilled to date at the Sambalay, Madre and Tipal structural corridors, is interpreted to indicate that the precious metal epithermal veins are preserved at shallow depths.

In addition, some of the channel sample results from the Cambaya target area demonstrate high-grade silver mineralization on surface, which the technical team believes represent the top of the precious metals window. This also indicates that there may be high-grade, steeply plunging mineralized bodies outcropping on surface where consecutive channel sample results exhibit high-grade silver mineralization.

Two targets have been identified with adjacent high-grade channel samples in the Cambaya area: 22CRT-080 (one m of 1,768 g/t Ag and 6.33 g/t Au) is located approximated 50 m north of 21CRT-55, which intersected 20 m of 242.7 g/t Ag and 0.71 g/t Au (as reported in the Oct. 14, 2021, news release), and 22CRT-101 (0.5 m of 568.0 g/t Ag and 3.37 g/t Au) is located 80 m north of 21CRT-44, which intersected two m of 1,074 g/t Ag and 0.53 g/t Au (also reported in the Oct. 14, 2021, news release).

Upcoming results:

Additional channel sampling results are expected from the Sambalay and Tipal corridors, as well as results from the controlled-source-audio-magneto-tellurics (CSAMT) geophysical survey to aid in defining a copper porphyry target in the coming weeks.

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

Curibaya drilling

Analytical samples were taken by sawing HQ or NQ diameter core into equal halves on site and sent one of the halves to ALS Lab in Arequipa, Peru, for preparation and then to Lima, Peru, for analysis. All samples are assayed using 30-gram nominal weight fire assay with atomic absorption finish (Au-AA25) and multielement, four-acid digestion ICP-AES/ICP-MS method (ME-MS61). Where MS61 results were greater or near 10,000 ppm (parts per million) copper, 10,000 ppm lead or 100 ppm Ag, the assay was repeated with ore-grade, four-acid digestion method (Cu, Pb, Ag-OG62). Where OG62 results were greater or near 1,500 ppm Ag the assay was repeated with 30-g nominal weight fire assay with gravimetric finish (Ag-GRA21).

QA/QC (quality assurance/quality control) programs for 2021 core samples using company and lab duplicates, standards and blanks indicate good accuracy and precision in a large majority of standards assayed.

True widths of mineralization are unknown based on current geometric understanding of the mineralized intervals.

Channel sampling -- Curibaya

Analytical samples were taken from each 0.5-metre-to-one-metre interval of channel floor resulting in approximately two to five kilograms of rock chips material per sample. Collected samples were sent to ALS Lab in Arequipa, Peru, for preparation and then to Lima, Peru, for analysis. All samples are assayed using 30 g nominal weight fire assay with atomic absorption finish (Au-AA25) and multielement, four-acid digestion ICP-AES/ICP-MS method (ME-MS61). Where MS61 results were greater or near 10,000 ppm Cu, 10,000 ppm Pb or 100 ppm Ag the assay was repeated with ore-grade, four-acid digestion method (Cu, Pb, Ag-OG62). Where OG62 results were greater or near 1,500 ppm Ag the assay was repeated with 30-gram nominal weight fire assay with gravimetric finish (Ag-GRA21). QA/QC programs for 2021 and 2022 channel samples using internal standard and blank samples; field and lab duplicates indicate good overall accuracy and precision.

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.

We seek Safe Harbor.