Mr. Peter Dembicki reports

TIER ONE SILVER DEFINES PORPHYRY COPPER TARGETS AT CURIBAYA

Tier One Silver Inc.'s recent geophysical survey results, combined with existing exploration data sets, have led to the identification of two porphyry copper targets underlying the silver-gold epithermal mineralization defined on surface at its Curibaya project in southern Peru. Tier One Silver completed a 42.7-line-kilometre (km) controlled-source audio-frequency magnetotelluric (CSAMT) geophysical survey over the central portion of the Curibaya project in late 2022. These new data sets were integrated into the exploration model, building on previous geophysical, geochemical and geological data sets, to generate targets for the company's next drill program at the project. The drilling, which is anticipated to begin in Q2, will comprise approximately 5,000 metres (m) to follow up on the high-grade silver-gold epithermal mineralization defined at surface and target the two main conductive features that may relate to a porphyry system.

Highlights:

• CSAMT identifies two subvertical, low-resistivity anomalies (400 m by 400 m and 600 m by 500 m) that are interpreted to be associated with a large-scale hydrothermal alteration system;
• Anomalies correlate with areas of multiphase alteration systems, including:
  • Advanced argillic alteration;
  • Skarn and hornfels;
  • Sericite -- phengite -- muscovite;
• Anomalies correlate with elevated bismuth, tellurium, selenium and copper values in rock samples;
• Absolute dating of alteration mineral in anomalies yielded a Paleocene age of 55 million years, which is a similar age to the regional porphyry copper giant deposits, Toquepala (57 million years), Cuajone (52 million years) and Quellaveco (55 million years).

A message from Christian Rios, senior vice-president, exploration:

"We believe the targets we've identified could be associated with a porphyry copper system at depth, particularly considering the absolute dating results, which indicate the mineralization to be from the Paleocene era. This provides further evidence that we are in the correct regional environment as the similar Paleocene-aged giant porphyry copper deposits nearby. We look forward to testing these strong targets in our next drill campaign."

CSAMT results

A CSAMT geophysical survey was completed in October, 2022, to augment previously completed geophysical, geochemical and geological surveys. CSAMT is used as an exploration tool to identify deeply rooted resistive and conductive features that may correlate to feeder and breccia structures and/or zones of silicification and clay alteration, possibly related to porphyry copper targets. An inversion of the Curibaya CSAMT data outlines two main conductive features that are 400 m by 400 m and 600 m by 500 m, respectively, and show significant depth extent over 700 m. Pseudo sections for lines L5800 and L6200 clearly illustrate subvertical conductive features.

Both the high-conductivity and low-resistivity features are subvertical and located under important alteration features such as an advanced argillic lithocap, a skarn and hornfels area, and a white mica alteration area. Additionally, these conductive anomalies are geochemically anomalous in bismuth, tellurium, selenium and copper. The hydrothermal alteration present in the upper part of the system and the geophysical features are consistent with buried porphyry systems.

Strategy for H1 2023

The synthesis and interpretation of these targets are continuing and include relogging core and continued integration with other geophysical and geochemical data sets. The company expects to have defined drill targets in the coming weeks. Upon completion of target definition, a drill program will be finalized to test for both the possible porphyry source (drilling to a depth of 500 m to 800 m) and the epithermal silver-gold structures (between 150 m and 250 m) on the property. The exploration field program is expected to start in Q2 2023.

The company is also announcing that Michael Henrichsen is retiring as chief geologist of Tier One Silver to focus his efforts as chief geological officer of Torq Resources. Tier One has been transitioning toward this restructuring since the appointment of Mr. Rios as senior vice-president of exploration, who will be leading exploration operations at the company going forward. Mr. Henrichsen will still be available to Tier One as a consultant, as needed.

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

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, Coastal Batholith, Corisur and the flagship project Curibaya.

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