Tier One Silver Inc. (TSXV: TSLV) ('Tier One' or the 'Company') is pleased to announce that it has received TSX Venture Exchange approval to extend the closing date of its previously announced $2.5 million non-brokered private placement (the 'Offering') until June 2, 2023.

The Company has closed a first tranche of the Offering, issuing 5,622,000 units at C$0.25 per unit, for gross proceeds of C$1,405,500 and expects a second and final tranche to close on or before June 2, 2023.

Contact:

Tel: (778) 729-0600

About Tier One

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 track 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.

Forward Looking Information and General Cautionary Language

This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, 'forward-looking statements') that relate to the Offering. Forward-looking statements are not historical facts and therefore involve assumptions and uncertainties which could prove materially wrong. Forward-looking statements included in this news release should not be heavily relied upon.

Readers should refer to the risks discussed in the Company's Annual Information Form and Management's Discussion & Analysis for the year ended December 31, 2022, and subsequent continuous disclosure filings with the Canadian Securities Administrators available at www.sedar.com.

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