Nevada Silver Corporation ('NSC' or the 'Company') (TSXV:NSC) (OTCQB:NVDSF) is pleased to provide an update on the inaugural drill program, and other technical and permitting activities at its high-grade Emily Manganese project in Minnesota, USA.

The Emily Project ('Emily') is located in the Cuyuna Iron Range of central Minnesota, USA, an area with a rich mining history and support from established local infrastructure, a skilled mining workforce and abundant power and gas.

With occurrences of apparent high-grade and considerable thicknesses of mineralization in the completed holes, NSC is pleased to announce fast-tracking of metallurgical and battery test work now due to commence at the completion of the current phase of drilling in the eastern portion of the Emily deposit. This work will include flow sheet development as well as bench top and pilot studies to produce manganese chemicals including high purity manganese sulphate monohydrate (HPMSM) for future supply to a burgeoning manganese cathode market. These metallurgical tests will complement previous test work which has confirmed viable laboratory extraction of battery materials.

Initial bulk samples will be supplemented by additional material as drilling continues across the deposit, including recently acquired ground (refer NSC announcement of 23rd February 2023).

NSC has commissioned Barr Engineering of Minnesota, NSC's environmental consultant, to commence environmental studies for permitting of additional drill holes within the recent land acquisition in the central portion of the deposit. These studies will commence as snow cover recedes and will include water, biologic, cultural and archeological assessments.

NSC's CEO Gary Lewis commented, 'in spite the high-level of planning and technical oversight undertaken last year in relation to the current drill program, there is always a degree of anticipation as the first drill core is extracted, however the team couldn't be more satisfied with what they're seeing. Not just in relation to the wide intercepts of visible manganese mineralization, including high-grade manganite, but also that the mineralization is being encountered at expected depths consistent with the geological model.'

We're excited that samples from the first three holes are on their way to the lab and wait with expectation for the results to be returned in coming weeks'.

We're also pleased to be accelerating our test work and environmental studies with the ultimate aim of transitioning to the development of the Emily project, and we look forward to further updating shareholders further as these programs advance.'

About Nevada Silver Corporation

Nevada Silver Corporation (TSXV: NSC) (OTCQB: NVDSF) is a U.S.-based mineral development company with manganese and silver projects geared to supporting the transition to clean energy. NSC's principal asset is the Emily Manganese Project in Minnesota, which has been the subject of considerable technical studies, with US$24 million invested to date. The Company's mission in Minnesota is to become a domestic U.S. producer of high-purity, high-value manganese metal and chemical products for supply to U.S. energy, technology and industrial markets. With manganese playing a critical and prominent role in lithium-ion battery formulations, and with no domestic supply or active mines in North America, this represents a significant opportunity for NSC shareholders. In addition, NSC owns and operates the Corcoran Silver-Gold Project in Nevada. Both Corcoran and Emily have been the subject of National Instrument 43-101 compliant mineral resource estimates.

NSC will seek shareholder approval to change its name to Electric Metals USA Limited at the Company's Annual General Meeting in May 2023.

Contact:

Tel: (647) 846 5299

Email: gl@nevadasilvercorp.com

Forward-Looking Statements

Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and Nevada Silver Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any securities that may be described herein and accordingly undue reliance should not be put on such.

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