Tier One Silver Inc. announce the renewal of its notarized social agreement with the local community at its 100% owned Curibaya project in southern Peru. The renewed agreement is effective until May 18, 2024, and allows for an extension by an additional year through assembly approval. The continued community support is a vital component in progressing toward the Company's goal of uncovering the mineral potential at the Curibaya project.

The area covered by the agreement encompasses six distinct mineralized corridors which have been the focus of exploration to date. These corridors, particularly the Cambaya I and Cambaya II Corridors, represent the primary targets for the next phase of epithermal vein drilling. Having surface access in place will allow Tier One to advance its exploration efforts, and most importantly, to proceed with a second phase of drilling once the required funding is in place.

The Company's channel sampling programs conducted in the Cambaya structural corridors, within the northeast area of the project, which is highest in topographic elevation, and in the epithermal vein system, returned high-grade results with highlights of 4.5 metres (m) of 408.2 g/t silver (Ag) and 1.48 g/t gold (Au), including 1 m of 1,768.0 g/t Ag and 6.33 g/t Au, in channel sample 22CRT-080, 8 m of 349.1 g/t Ag and 0.46 g/t Au, including 1 m of 2,680.0 g/t Ag and 3.14 g/t Au, in channel sample 21CRT-56 and 2.5 m of 136.4 g/t Ag and 0.82 g/t Au, including 0.5 m of 568.0 g/t Ag and 3.37 g/t Au, in channel sample 22CRT-101 . Importantly, arsenic/silver ratio 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. This is at least 200m higher than the Company's discovery hole at the Sambalay Corridor where drilling hit bonanza grade in 1.5 m of 1,129 g/t Ag and 1.04 g/t Au, with the precious metals window being preserved at shallow depths.

Importantly, two ore shoot targets have been identified with high-grade channel samples in the Cambaya area. Ore Shoot 1 is situated between channel sample 22CRT-080 which intersected 1 m of 1,768.0 g/t Ag and 6.33 g/t Au, and channel sample 21CRT-55 which intersected 20 m of 242.7 g/t Ag and 0.71 g/t Au. Ore Shoot 2 is located between channel sample 22CRT-101 which intersected 0.5 m of 568.0 g/t Ag and 3.37 g/t Au and channel sample 21CRT-44, which intersected 2 m of 1,074 g/t Ag and 0.53 g/t Au.

The newly identified target areas are of significant interest to Tier One's technical team, and the Company plans on bringing them to drill ready stage for its next drill campaign. The Company also reports that, due to the complexity and expected time horizon of receiving permits for a drill campaign, it has relinquished the option agreement on its Hurricane district claims. The Company will record an impairment charge of approximately CAD 370,000 in its financial statements in relation to this termination.