Tier One Silver Upsizes and Closes $2.6 Million Equity Financing

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, BC / ACCESSWIRE / June 5, 2023 / Tier One Silver Inc. (TSXV:TSLV) ("Tier One" or the "Company") is pleased to announce that it has completed its non-brokered private placement, the terms of which were announced April 3, 2023 (the "Offering"). In the second and final tranche of the Offering the Company issued 4,942,000 units (each, a "Unit") at a price of C$0.25 per Unit for gross proceeds of C$1,235,500 bringing the total gross proceeds from the Offering to C$2,641,000.

In connection with the second tranche of the Offering, the Company paid aggregate cash finders' fees of C$25,380 (C$69,210 in total for the Offering) and issued 101,520 non-transferable finders' warrants (276,840 finders' warrants in total for the Offering), with each finders' warrant exercisable for one common share of the Company at the exercise price of C$0.35 until April 21, 2025. The finders' fees and finders' warrants were paid to Research Capital Corporation, Haywood Securities Inc., Canaccord Genuity Corp., Raymond James Ltd., Echelon Wealth Partners Inc., German Mining Networks GmbH; StephenAvenue Securities Inc. and Red Cloud Securities Inc., all of which are arm's length to the Company and who referred participating investors to the Offering. The Company intends to use the net proceeds from the Offering to resume exploration and prepare for drilling at the Curibaya project and for general working capital purposes.

A Message from Peter Dembicki, President, CEO & Director:
"We would like to thank all of our supporters who participated in the private placement. This additional capital allows us to enter the next phase of work at Curibaya as we lead up to drilling."

The securities being issued are subject to a hold period in Canada expiring four months and one day from the date of issuance in accordance with applicable Canadian securities law. Final approval of the TSX Venture Exchange is expected upon filing standard documentation.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.